Brent crude falls below $72.48 as Gulf oil flows resume

Key Facts

1Brent crude dropped below $72.48 a barrel, the level it traded at before the Iran conflict erupted in late February.

After weeks of geopolitical escalation, oil prices have returned to pre-Iran conflict levels. Brent crude fell below $72.48 a barrel, the level before the conflict erupted in late February, as Gulf oil flows resumed.

This decline reflects easing supply disruption fears that had pushed prices higher after the conflict began. Additionally, major economies such as the US and UK are showing strong employment data, per market data, which could support oil demand. US initial jobless claims fell to 226,000, below forecasts.

Investors are watching global demand trends, with the Philadelphia Fed Manufacturing Index improving to 10.3 points, signaling a manufacturing rebound. Markets are also awaiting major central bank decisions and their impact on economic growth, which could determine the near-term path of oil prices.