international
Oil prices fall to levels not seen since start of US-Israel war on Iran
Key takeaways
- Brent falls below $71 a barrel amid reports of progress in talks to end the war.
- xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo Vessels at the Strait of Hormuz, as seen from Musandam, Oman, on June 18, 2026.
- Brent crude fell more than 1 percent on Thursday to below $71 a barrel, returning the international benchmark to pre-war prices.
Why this matters: an international story with cross-border implications worth tracking.
Brent falls below $71 a barrel amid reports of progress in talks to end the war.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo Vessels at the Strait of Hormuz, as seen from Musandam, Oman, on June 18, 2026. [File: Reuters]By John Power Published On 2 Jul 20262 Jul 2026Oil prices have fallen to levels not seen since the start of the US-Israel war on Iran amid rising hopes for a breakthrough in negotiations aimed at sealing a permanent peace deal.
Brent crude fell more than 1 percent on Thursday to below $71 a barrel, returning the international benchmark to pre-war prices.
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