Crude oil prices have now fallen below $75 U.S. a barrel, the lowest level since the Iran war began on Feb. 28 of this year.
Brent crude oil, the international benchmark, is down 4% and trading at $73.79 U.S. per barrel on June 24, its lowest price since the U.S. and Israel launched airstrikes against Iran.
West Texas Intermediate (WTI) crude oil, the U.S. standard, is also down 4% and changing hands at $70.18 U.S. per barrel currently.
Oil's price had been as high as $110 U.S. a barrel in recent months as the Strait of Hormuz waterway near Iran, where 20% of the world's oil is shipped, remained closed.
However, crude prices have steadily moved lower over the past week after the U.S. and Iran signed a peace deal and commercial ships began moving through the Strait of Hormuz again.
As many as 11,000 ships that had been stranded in the Persian Gulf are now exiting through the Strait of Hormuz, according to the International Maritime Organization.
The quick decline in crude prices has led to lower prices for gasoline at the pumps in the U.S. and around the world.
It has also knocked lower shares of oil majors such as Chevron (NYSE:$CVX) and Shell (NYSE:$SHEL), whose stocks are down about 5% over the past week.
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