Oil prices fall, but Cyprus electricity bills rise 6%

International oil prices are in a de-escalation phase, but cuts to electricity prices in Cyprus will take longer to appear, because the Electricity Authority of Cyprus (EAC) holds reserves bought at higher prices.

Brent crude is recording a fall, trading near $72 a barrel, with the decline attributed mainly to OPEC+’s decision to increase production from August, as well as improved export flow through the Strait of Hormuz, which had remained largely closed for months due to the conflict in the...