Oil prices have dropped to their lowest levels since the start of the war in the Middle East.

World oil prices have dropped to the lowest level recorded since the start of the war between the United States and Israel with Iran, Reuters notes.

Brent oil futures fell by $3.42 to $73.65 per barrel. During trading, Brent fell to $73.22, its lowest level since February 27, the last day before the war.

American WTI oil lost $3.32 and was trading at $69.87 per barrel, the lowest level since March 2.

Prices have begun to fall as tankers leave the Strait of Hormuz, which was opened after the United States and Iran began negotiations. On June 24, three previously blocked tankers with five million barrels of oil on board left the Strait of Hormuz. Two of them were heading to Asia, writes Reuters.

• Iran has blocked the Strait of Hormuz since late February, when the United States and Israel began launching attacks on the Islamic republic. Following this, the United States began to blockade Iranian ports. Three and a half months later, on June 18, the United States and Iran signed a memorandum of understanding. It involves a cessation of hostilities on all fronts for 60 days and the start of negotiations on a complete end to the war, as well as the opening of the Strait of Hormuz. Before the war, about a fifth of all the world's oil transported by sea passed through it.