Oil prices retreat back to pre-war levels as vital shipping route reopens

It sparks hope of easing cost-of-living pressures as prices begin retreating at the petrol pumps thanks to the drops in wholesale cost of crude

Oil prices have dropped to levels last seen before the war in the Middle East as the crucial Strait of Hormuz reopens gradually following the US-Iran peace deal (Alamy/PA)

Oil prices have dropped to levels last seen before the war in the Middle East as the crucial Strait of Hormuz reopens gradually following the US-Iran peace deal.

Brent crude fell back to below 73 US dollars a barrel for the first time since the Iran war started on February 28, down around 2% to 72.24 US dollars a barrel at one stage.