Oil Prices Decline as Hormuz Tanker Traffic Resumes and Supplies Improve

Oil prices fell as tanker traffic resumed through the Strait of Hormuz after being blockaded since late February. U.S. crude for August delivery decreased by 1.66% to approximately $69 per barrel, while Brent crude fell by 1.79% to below $73 per barrel. Over 20 oil tankers, carrying around 35 million barrels of crude, have passed through the strait since a reopening agreement was reached. Citi forecasts Brent could drop to $60-$65 per barrel in the next 6-12 months, though risks in the region remain due to navigational warnings from Iran's Islamic Revolutionary Guard Corps Navy.