How the War in Iran Changed Global Energy and What's Happening in the Oil Market

On July 2, Brent futures fell below $71 per barrel for the first time since the start of the war in Iran, reaching $70.82 — the lowest level since February 27. The price decline is driven by progress in negotiations between the U.S. and Iran, as well as the restoration of oil flows from the Persian Gulf. This signals a possible easing of geopolitical risks and an increase in supply on the global oil market.