The price of North Sea oil (Brent) falls almost 2 percent to below $75.60 per barrel, the lowest price since February 27 - the day before the US and Israel began bombing Iran.
The price drop follows several days of increased shipping traffic through the Strait of Hormuz, which had been largely blocked by Iran and the US during the war. The blockade has led to major disruptions in global supply chains and a worldwide price shock for energy and other commodities.
Before the outbreak of the war, approximately 20 percent of the world's oil and gas passed through the Strait of Hormuz daily, en route from the oil-producing countries around the Persian Gulf.
