Oil prices continue to fall on Thursday morning, and the futures are trading at the lowest level since the start of the military conflict in the Middle East. The decline is being supported by signals that fuel supplies through the Strait of Hormuz are rapidly resuming.

Accordingly, Brent crude oil futures for August delivery fell by $1.22 (1.65%) to $72.52 per barrel on the ICE Futures stock exchange in London. On Wednesday, they had dropped by $3.34 (4.3%) to $73.74 per barrel.

And the WTI crude oil’s August futures fell by $1 (1.42%) to $69.34 a barrel on the New York Mercantile Exchange (NYMEX). In the previous trading session, they had dropped by $2.87 (3.9%) to $70.34 a barrel.

Both Brent and WTI are trading at their lowest levels since February 27.