The price of North Sea oil (Brent) was around $73.35 per barrel in afternoon trading. This is a decline of more than 4.8 percent compared with Tuesday and about 40 percent lower than the peaks in April and May. The oil price is also at essentially the same level as it was when the US and Israel began bombing Iran on February 28.
The Strait of Hormuz has been blocked at times by Iran and the US for much of the war, leading 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 was transported through the Strait of Hormuz, en route from oil-producing countries in the Persian Gulf.
