Oil prices continue decline, nearing $75 per barrel

The price of a barrel of oil has fallen to $75, approaching the level seen before the start of the current conflict, according to N12 market reports.

Oil prices continued their multi-week decline Wednesday afternoon, with a barrel trading at $75 — nearing pre-war levels, according to N12 market data. The drop extends a months-long slide driven by US-Iran diplomatic developments: a peace deal between Washington and Tehran announced mid-June, followed by US authorization of legal Iranian oil exports, have weighed heavily on crude. As The Zioneer reported in recent weeks, Brent crude fell from the $90s to $83 on the deal announcement, then crashed further amid speculation of sanctions easing. The current $75 level marks the lowest since before the outbreak of hostilities.

• Developing17:08 · 9 JunBrent crude oil price falls to around $91 per barrel
• Strong21:11 · 11 JunOil price falls again, extending recent volatility
• Developing12:16 · 17 JunOil extends losses, stocks rise on US-Iran peace deal hopes
• Developing19:32 · 16 JunOil prices drop more than 5% on Iran sanctions-easing speculation

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