Has the oil market finally found some breathing room?
After months of turmoil triggered by the Iran war, oil prices have fallen back to levels last seen before the conflict began.
Brent crude briefly slipped below $72.50 a barrel this week as shipping traffic through the crucial Strait of Hormuz slowly returned to normal.
The turnaround follows recent US-Iran negotiations and a memorandum of understanding signed earlier this month.
It opened a 60-day window for talks on Iran’s nuclear programme and broader efforts to end the conflict.
Why does the Strait of Hormuz matter so much? The narrow waterway handles a significant share of the world’s oil and gas shipments.
When Iran effectively shut it down during the war, energy markets reacted instantly, sending crude prices soaring and fuel costs higher around the globe.
Markets Welcome Recovery
Now, maritime experts say vessel traffic is steadily increasing.
“There has been a tremendous shift,” said maritime risk specialist Dimitris Maniatis, noting that dozens of ships have resumed using the route since peace talks began.
Still, consumers may not feel immediate relief. Although oil prices have dropped sharply, petrol prices remain elevated.
Industry groups argue that fuel costs do not fall as quickly as crude prices due to refining, transportation and distribution expenses.
For now, markets appear cautiously optimistic.
But in a region where tensions can flare overnight, the question remains: is this a lasting recovery—or simply the calm before the next storm?
