Brent crude oil, the global benchmark, fell more than $3 on Wednesday to its lowest level since before the Iran war, after reports emerged that several tankers were passing through the Strait of Hormuz, Reuters reported.

At 13:27 GMT, the price of a barrel of Brent crude oil from the North Sea fell $3.32 to $73.76, while the price of a barrel of North American WTI crude oil, the ‘light sweet crude’, fell $3.02 to $70.19, according to Agerpres.

A barrel of Brent had reached $73.60, the lowest since February 27, the day before the Iran war. WTI fell to $70.91, the lowest since March 3.

“While we are seeing encouraging signs of increased tanker activity, the market is pricing in the scenario of Iranian oil re-entering the global market and normalizing traffic through the Strait of Hormuz,” said Tim Waterer, an analyst at KCM Trade. He added: “If sanctions are eased, Iranian production and exports could increase rapidly, given the amount stored in tankers, we are probably talking about weeks, not months.”

Oman said it would keep the Strait of Hormuz open to traffic without imposing tariffs and designated two temporary routes to facilitate the safe passage of ships leaving the region.

On Wednesday, analysts at J.P. Morgan cut their Brent crude oil price forecast for the second half of 2026. They expect an average price of $86 a barrel in the third quarter and $80 in the last three months of the year.

Sources who spoke on condition of anonymity told Reuters that the Moscow refinery would not operate for at least six months after major damage suffered in Ukraine’s drone attacks.