Oil falls on international markets, Brent drops to $73 per barrel

Oil on global markets has declined, falling to its lowest level recorded before the start of the conflict with Iran, while shipping traffic through the Strait of Hormuz is gradually returning to normal.

Brent crude fell to $73 per barrel, after reaching as high as $126 at the end of April, at the height of the conflict’s escalation. This is the lowest price level since February 27, one day before the U.S. and Israeli strikes on Iran led to the de facto closure of the Strait of Hormuz.

According to reports, since the agreement reached between the United States and Iran to end the conflict, around 200 ships have already passed through the Strait of Hormuz.

The price drop is expected to bring relief to businesses and consumers, who in recent months have faced sharp increases in fuel costs.

Chris Beauchamp, chief market analyst at IG, said Brent is on track to post its biggest monthly decline since 2020.

“This brings relief for consumers around the world, provided the industry manages to make up for the shortages created by months of disruptions. However, it will hit the profits of companies in the energy sector,” he said.

For Europe, a large share of gasoline and oil imports relies on prices from the Platts platform, which also serves as the main benchmark for Albania. Platts does not trade oil, but publishes indicative prices used by refineries, importers, and traders around the world.

In Albania, the reference oil price from this platform for June 24 was $886 per ton, while on June 25 it reached $913 per ton. These prices are later reflected at fuel retail stations across the country.

In general, Albanian companies buy large volumes of oil that arrive by ship after several days or weeks. In cases where a shipment was purchased during a period when the price was higher, it will be sold at that cost, even if prices on international markets have meanwhile fallen.