The price of oil has reached pre-Iran war levels as traffic on the key maritime route in the Strait of Hormuz gradually resumes.
Brent crude, the global benchmark, briefly dropped below $72.48 per barrel, the price it was at a day before the US and Israel launched attacks on Iran on February 28, after which it rose to $72.63, as reported by BBC.
It is a significant development following the sharp rise in energy prices triggered when Iran responded to US attacks by closing the Strait of Hormuz, a vital waterway for oil and gas shipments.
Price drops after US-Iran agreement
The oil price plummeted after the US and Iran signed a Memorandum of Understanding (MOU) on June 17, an agreement that set a 60-day period for negotiations on Tehran's nuclear program and other measures to end the war.
Representatives of both parties met in Switzerland last weekend for discussions on ending the war, leading to the partial lifting of US sanctions on Iranian oil exports.
The US and Iran have also established a "communication line" to prevent misunderstandings "to ensure the safe passage of commercial ships through the Strait of Hormuz," said mediators Qatar and Pakistan in a joint statement on Monday.
The number of ships passing through the Strait of Hormuz has significantly increased since the signing of the memorandum of understanding, according to maritime information firm Kpler. Vessels that have passed through the canal in recent days are carrying oil, liquefied natural gas (LNG), fertilizers, and other goods, the company told the British television station.
There has been an "extraordinary change," with many more ships using the strait in recent days, said Dimitris Maniatis, CEO of Marisks, a maritime risk consulting firm working with ships stranded in the region.
How many ships have passed through Ormuz
The company estimates that approximately 80 ships have crossed the Strait of Hormuz since Monday, following the first round of peace talks between the US and Iran in Switzerland, a development now reflected in the oil price.
A limited number of ships can pass through a northern passage with permission from Iranian authorities, Maniatis said.
The US Navy has also provided guidance for vessels to travel through a southern route that is safe from mines and other obstacles, Maniatis added.
However, the number of ships passing through the strait is still below pre-war levels when over 100 ships per day used the route. Hundreds of ships are still waiting in the Gulf.
Price drop not reflected at pump in US and UK
Fuel prices at the pump surged when the war with Iran began, and now the question is how quickly they will decrease, as noted by BBC.
In the US, the average gasoline price has dropped to around $3.93 per gallon, after reaching $4 per gallon in April, the highest level in 2022, but still well above pre-war levels.
US President Donald Trump ordered an investigation into major energy companies on Wednesday, accusing Shell, ExxonMobil, and other firms of "ripping off" drivers by not reducing fuel prices even though oil prices have fallen.
"Oil prices have dropped so much, and we don't see anything at the pump as it should be," Trump told reporters in the Oval Office.
The American Petroleum Institute, representing the US oil and gas industry, stated that fuel prices "are not moving at the pace of oil."
British energy companies have also faced similar accusations of unfair price increases in gasoline since the Iran war. The UK competition watchdog declared last month that there is no clear evidence to support this, adding that average profit margins have been "largely unchanged" between February and March.
What is happening in Romania
Obviously, Romania could not be an exception. Recently, Petrom increased fuel prices by 5 bani per liter for both gasoline and diesel. At first glance, the decision seems hard to understand.
The answer may lie in a governmental measure presented as a consumer protection tool, as shown by Curs de Guvernare. Through Emergency Ordinance no. 19/2026, later supplemented by Emergency Ordinance no. 24/2026, the Government declared a crisis in the fuel market and imposed capping the commercial margin at the 2025 yearly average level.
The measure was presented as a mechanism to reduce pump prices by approximately 5-15 bani per liter and to prevent speculation during a period of international volatility.
However, capping the commercial margin can subtly change the rules of the game. When the state sets the maximum allowed margin at the average level practiced in the previous year, that cap can become a market reference, a target that economic operators naturally aim for.
Thus, if oil prices rise, the cap may limit margin expansions and protect consumers. But if oil prices fall, companies are not obligated to pass on this reduction in full to the end customer. On the contrary, they may have an interest in maintaining prices high enough to preserve the commercial margin allowed by regulation.
Moreover, we also have a political crisis. The 36 bani per liter reduction in diesel expires on June 30, and if by then there is no government with full powers to extend the measure, drivers and transporters could pay more for fuel.
The measure can only be extended through a new emergency ordinance. However, such a decision can only be made by a government with full powers, not by an interim one, like the one currently led by Ilie Bolojan.