Brent crude falls below $75 per barrel as more ships resume crossing the Strait of Hormuz.

The price of Brent crude oil fell below $75 per barrel for the first time since the outbreak of the Iran war, with more and more oil tankers openly crossing the Strait of Hormuz. At the same time, the United States and Iran have released positive signals to end the war. The global benchmark price of crude oil fell by 3.1% at one point, reaching its lowest level since February 27. More and more ships are keeping their satellite positioning signals on while crossing the Strait of Hormuz, indicating that ship owners' confidence in maritime safety is increasing. The International Maritime Organization also stated that it has received relevant security assurances, allowing hundreds of ships to leave the Persian Gulf. Washington and Tehran have both stated that preliminary progress has been made in negotiations aimed at ending the war that began at the end of February. However, the negotiations are expected to continue for a long time, and there are still significant differences in the parties' interpretations of the outcome of the negotiations. Recent developments in oil transportation in the Strait of Hormuz also indicate that supply is improving. The International Energy Agency estimates that the current crude oil exports from the UAE have recovered to almost 85% of pre-war levels.