Oil Prices Dive as Hormuz Tanker Traffic Surges, Brent at $71.99

On June 27, Brent crude settled at $71.99 and WTI at $69.23 after tanker traffic through the Strait of Hormuz rose sharply, erasing remaining geopolitical risk premium. Prices extended losses following a brief UAE missile alert in Dubai that lifted crude over $1 before an all-clear was issued within two minutes. Saudi Aramco resumed loadings at Ras Tanura with no supply disruptions confirmed, shifting market focus to ample global supply and soft Chinese demand, locking in weekly declines above 9%.