The Strait of Hormuz is open, oil prices are falling: we expect a drop in prices at Latvian gas stations 0 12

"Vessels, many of which are loaded with oil, are beginning to move out of the Strait of Hormuz. They are moving along the southern 'highway', which is completely safe and clear. There are other areas for movement!" — said a message on the social network Truth Social.

Market speculators have already reacted to the news. The price of Brent oil has fallen below $83 per barrel for the first time since March 10. Recall that in the spring, prices surged amid escalating conflict between the U.S., Israel, and Iran, as well as concerns over supplies through the Strait of Hormuz, which accounts for about 20% of global oil trade.

At its peak, the price of Brent approached $120 per barrel — the highest since the summer of 2022. However, after the announcement of a framework agreement between Washington and Tehran and signals of normalization of shipping through the strait, prices fell below $83 per barrel.

As for Latvian gas stations, it seems they are not keeping an eye on global politics. In particular, at Circle K gas stations today, on Monday, prices were higher than on Sunday.