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Brent crude has dropped below $72.48 a barrel, the exact price at which the global oil benchmark traded in late February, before the Iran conflict pushed energy markets into crisis mode.
A resumption of supply flows through the Gulf has driven the reversal, effectively unwinding the geopolitical risk premium that had accumulated in crude prices since hostilities erupted.
For energy markets, the move marks a clean return to the pre-conflict baseline.
What a "Prewar Price" Signals to Markets Brent crude is the international benchmark for oil pricing — the reference point against which most of the world's crude is bought, sold, and hedged.
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