Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war

Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since Feb. 27, the day before the Middle East conflict began.

Stock prices, meanwhile, ticked higher Wednesday after a down day Tuesday. The Dow Jones Industrial Average jumped 105 points, or 0.2%, while the S&P 500 increased 0.2%. The tech-heavy Nasdaq rose 0.2%.

Gas prices fell below $4 per gallon last week, crossing the milestone as oil costs eased in response to negotiations between the U.S. and Iran to end the war.

The national average price of a gallon of gas stands at $3.92, marking a decline of 58 cents, or 13%, over the past month, AAA data showed. Gas prices, however, remain 94 cents higher than where they stood before the Iran war.

The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.