Oil back to pre-war levels as Hormuz traffic rebounds, US tries to reassure Gulf allies

Oil prices have returned to pre-war levels as traffic through the Strait of Hormuz rebounds following a June 17 memorandum of understanding between the United States and Iran, mediated by Pakistan and Qatar. Secretary of State Marco Rubio met with the Gulf Cooperation Council on Thursday, where members welcomed the agreement and stressed maintaining momentum toward a permanent end to hostilities. Oman announced it would not impose transit fees on Strait of Hormuz shipping, supporting efforts to stabilize regional energy markets and reassure Gulf allies of U.S. commitment to their security interests.