Crude oil hits lowest level in nearly 4 months
Crude oil just hit its lowest price in nearly four months, mostly because things have calmed down in the Middle East and global supply is looking better.
Brent crude is now at $76.54 per barrel, and US WTI sits at $72.69.
Earlier worries about oil getting stuck in the Strait of Hormuz during the Iran conflict have faded, so prices are sliding.
US grants Iran crude export waiver
What's behind the price dip? Tankers that were held up during the Iran conflict are moving again, and the US has given Iran a 60-day waiver to export crude, so there's more oil on the market.
Last week alone, more than 30 million barrels (including previously blocked shipments and new exports from Iran) made their way to Asia.
Experts warn Hormuz risks global supplies
Even though tensions have eased for now, experts say any flare-up in the Strait of Hormuz could quickly shake up oil markets again since it's such a key route for global supplies.