WTI declines to near $69
West Texas Intermediate (WTI) futures have fallen to around $69, nearing pre-Middle East war levels.
The decline is attributed to increased oil flows through the Strait of Hormuz and rising confidence among shipowners.
The International Energy Agency reports the United Arab Emirates is exporting oil at nearly 85% of pre-war levels, adding to the supply.
Expectations of a Federal Reserve interest rate hike also weigh on oil prices, with the CME FedWatch tool showing an 82% chance of a hike this year.