Fears of long-lasting energy crunch ‘slinking away’ as vessel traffic doubled in 24 hours to highest level since late February Business live – latest updates Oil prices have fallen below levels last seen before the Iran war started in late February as more oil tankers exited the strait of Hormuz. Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month.