Hormuz Oil Flows Resume as Prices Stabilize Near $70

Oil flows through the Strait of Hormuz have resumed following workarounds that eased geopolitical tensions, stabilizing WTI near $69.50 and Brent near $73 after a 20-25% June plunge. The selloff was triggered by Morgan Stanley’s forecast cut to $70 Brent next year and supply normalization expectations. Despite the pullback, multi-decade low inventories and expected restocking now underpin analyst support for a rebound. Integrated majors such as ExxonMobil and Chevron continue to draw Buy ratings on valuation compression, strong balance sheets, and resilient cash flows even at current prices.