GK and monthly revision

Brent crude falls 3%, drops below $75/bbl for first time since US-Iran war began

Global oil prices have decreased by 3%, falling below $75 per barrel for the first time since the onset of the US-Iran conflict. This decline is attributed to increased tanker activity in the Strait of Hormuz, signaling a potential return of Iran to the oil market. Analysts highlight the impact of eased hostilities and a U.S. sanctions waiver on these prices, although uncertainties remain regarding the sustainability of U.S.-Iran nuclear negotiations.