Crude Oil Falls Below $75, Its Lowest Level Since Iran War Started

Crude oil prices have now fallen below $75 U.S. a barrel, the lowest level since the Iran war began on Feb. 28 of this year.

Brent crude oil, the international benchmark, is down 4% and trading at $73.79 U.S. per barrel on June 24, its lowest price since the U.S. and Israel launched airstrikes against Iran.

West Texas Intermediate (WTI) crude oil, the U.S. standard, is also down 4% and changing hands at $70.18 U.S. per barrel currently.

Oil's price had been as high as $110 U.S. a barrel in recent months as the Strait of Hormuz waterway near Iran, where 20% of the world's oil is shipped, remained closed.

However, crude prices have steadily moved lower over the past week after the U.S. and Iran signed a peace deal and commercial ships began moving through the Strait of Hormuz again.

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