Falling oil prices and fallen heroes

The whole world is enjoying the benefits of the US-Iran peace deal.

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Vessel traffic has more than doubled via the Hormuz Strait over the past 36 hours or so, bringing oil prices down steeply, according to media reports. Predictions that oil prices would not return to the pre-conflict levels in the foreseeable future have gone wrong.

World oil prices have come down almost to the pre-Iran war levels, with the global benchmark Brent crude dropping below USD 72.48 a barrel, described as the price it was at the day before the launch of the US-Israel attacks on Iran on 28 Feb., and settling at USD 72.63 per barrel. The US benchmark West Texas Intermediate (WTI) fell below USD 70 per barrel. These are very positive signs. Oil price decreases have stood all economies in good stead.