Oil prices fell on Thursday, moving closer to levels not seen since the war in Iran started in February.
After surging over the past four months, oil prices have retreated sharply since the United States and Iran reached a preliminary agreement this month to reopen the Strait of Hormuz, a critical trading route for oil and gas exports from the Middle East.
The slide in oil prices has gathered pace as efforts to clear a backlog of ships trapped in the Persian Gulf have advanced, easing concerns about supply disruptions.
On Thursday, the price of Brent crude, the global benchmark for oil, fell about 1 percent to about $73 a barrel for September delivery, the most actively traded contract. In an otherwise quiet trading session, prices came within striking distance of their prewar levels of $72.48 a barrel.
West Texas Intermediate crude, the U.S. benchmark, also slipped about 1 percent to around $69 a barrel for August delivery, the most popular contract.
