Oil price falls to levels not seen since before Iran war

There has been a "tremendous shift" with far more ships using the strait in recent days, said Dimitris Maniatis, the chief executive of Marisks, a maritime risk advisory firm working with ships stuck in the region.His company estimates around 80 ships have crossed the Strait of Hormuz since Monday after the first round of peace talks between US and Iran in Switzerland.A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said. The US navy has also provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles that has been laid out since the war, Maniatis said.But the number of ships crossing the strait is still below levels seen before the war, when it was used by more than 100 ships a day.Hundreds of ships still appear to be waiting in the Gulf.Fuel prices at the pump rose sharply when the Iran-war" class="entity-link entity-event" data-entity-id="38748" data-entity-type="event">Iran war began, and now the focus is on how quickly they will fall.The average price of regular Gasoline in the US has dropped to around $3.93 a gallon after reaching $4 a gallon in April, its highest since 2022, but is still well above pre-war levels.