International oil prices continue to decline, with US oil futures falling below the $70 mark

US WTI crude oil futures fell below $70 per barrel during trading, with a 4.4% intraday drop and a new low since March 2. Brent crude oil futures for August fell 4.5% to $73.6 per barrel. The easing of the situation in the Middle East, expectations of the recovery of Iranian crude oil supply, and expectations of US inflation rate hikes have suppressed oil prices.