Global oil prices have collapsed back to pre-war levels, trading down near $70 per barrel, with a potential peace deal between the U.S. and Iran helping calm global markets and prompting the removal of massive war risk premiums from energy valuations. However, oil prices edged higher on Monday, with Brent crude for August delivery climbing 0.74% to trade at $72.54/bbl at 9.25am ET, with escalating military tensions between the United States and Iran sparking fresh fears of shipping disruptions in the vital Strait of Hormuz.