KINGSTON, Jamaica — Global oil prices fell below US$75 a barrel on Wednesday for the first time since the Iran war began, easing fears of a major supply shock but leaving Jamaican motorists and businesses to wait longer to know how much of the decline will reach local fuel prices.

Brent crude, the global benchmark, fell as much as 3.1 per cent to US$74.76 a barrel in London, its lowest level since February 27. West Texas Intermediate, the US benchmark, also declined about three per cent to US$71.04 a barrel.

The fall came as more tankers openly crossed the Strait of Hormuz, one of the world’s most important oil routes, and as the United States and Iran signalled early progress toward ending the war.