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WTI Falls Below $70 as Hormuz Tankers Resume After US-Iran Deal

Oil prices extended their slide through June 24, with WTI briefly falling below $70 per barrel and Brent near $74 as traders unwound the war-risk premium following a U.S.-Iran framework deal. The Strait of Hormuz has seen over 11,000 seafarers cleared and more than 100 laden tankers resume flows, removing a key supply disruption threat. The decline follows a nearly 40% drop from April peaks above $126, driven by weak Chinese crude imports that hit an eight-year low of 7.8 million bpd in May alongside revived short positions. Low global inventories continue to cap further downside while attention shifts to gradual supply normalization.

Category

UK Brent Oil

Sentiment

Bearish

Event

Market commentary

Reading time

1 min