Pakistan, June 25 -- Global oil prices fell sharply on Thursday, returning to levels seen before the Iran conflict as markets responded to improving supply conditions and reduced concerns over disruptions in the Middle East. Brent crude for August delivery dropped 1.46 percent to $72.66 per barrel, while US West Texas Intermediate fell 1.19 percent to $69.50 per barrel, with both benchmarks reaching their lowest levels since February 27.

The decline came as energy shipments through the Strait of Hormuz continued to recover following the recent ceasefire agreement. US Energy Secretary Chris Wright said at least 20 million barrels of oil passed through the strategic waterway during the previous 24 hours, indicating that export flows were a...