WTI Drops as Traders Deem Renewed US-Iran Fighting Short-Lived

Oil prices fell on July 9 after surging above $70 on July 7 when President Trump declared the U.S.-Iran ceasefire over. The rebound followed a sharp selloff to multi-month lows near $67.62 as Hormuz tanker traffic recovered above 10 million barrels per day, U.S. output hit 13.93 million bpd, and OPEC+ approved an additional 188,000 bpd hike for August. Traders now expect diplomacy to resume quickly, unwinding the latest geopolitical premium while ample supply and weak demand keep downward pressure on crude.