The price of Brent Crude fell to as low as $75 on Wednesday, its lowest level since before the US-Iran war started in February 2026. Increasing tanker traffic through the Strait of Hormuz and progress in US-Iran peace talks have eased supply fears and assisted in the cooling of prices. Brent Crude skyrocketed after the war’s beginning just four months ago due to the Strait closure, causing gas prices to surge in the US and the overall natural resource market to plummet.

More than 11,000 seafarers stranded in the Persian Gulf will begin exiting through the Strait of Hormuz after safety guarantees were secured, according to the International Maritime Organization. “We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations,” IMO Secretary-General Arsenio Dominguez said in a statement. The resumption of traffic through the Strait is a positive sign for oil prices and the global energy market, which suffered throughout the Spring and into the Summer.

The fate of Iran’s nuclear program has emerged as an obstacle to achieving a long-term deal after Tehran rejected remarks by a senior UN official that inspectors would have full access to its sites. Several Trump administration officials also claimed that Iran approved trips to nuclear areas by International Atomic Energy Agency members. Should a permanent deal be reached, the oil prices could finally retreat to the consistent levels seen before the war began earlier this year.

Oil and gas stocks are also down today as crude prices fall. Chevron (CVX) fell 2.3% on Wednesday, while Exxon Mobil (XOM) shares are down 2% as well.

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The Plastics Industry Association (PLASTICS) Chief Economist Perc Pineda, PhD, has released a comprehensive economic analysis examining how recent oil price declines could affect inflation, manufacturing costs, and the broader economy. His assessment provides critical insights for plastics industry professionals navigating volatile energy markets and planning production strategies. “Declining oil prices should exert downward pressure on headline inflation over the next several months, though the pace of disinflation may be gradual due to these residual and seasonal factors,” Pineda wrote. “Core inflation measures will provide a clearer signal of underlying trends.”