WTI Crude Settles at $70.34 Below 200-Day MA as Hormuz Supply Normalizes

WTI crude extended its selloff to settle at $70.34 on June 24, closing below its 200-day moving average and approaching pre-war levels near $67-68. The decline accelerated after the June 15 U.S.-Iran peace deal reopened the Strait of Hormuz, releasing over 85 million barrels of stranded supply and erasing the geopolitical premium. Kuwait raised output, a 60-day Iranian sanctions waiver took effect, and tanker traffic resumed, while U.S. inventories hit a 20-year low. Markets have focused on returning barrels rather than tight stocks, driving a 13% drop since mid-June with Brent now below $80 and Goldman Sachs cutting price targets.