Oil prices fall as maritime traffic through the Strait of Hormuz exceeds 10 million barrels per day, easing supply disruption fears.
West Texas Intermediate crude fell to $67.80 per barrel, extending a three-day decline as supply concerns waned. The drop follows a sharp recovery in maritime traffic through the Strait of Hormuz, a critical chokepoint for global oil shipments.
Daily crude flows through the strait have surpassed 10 million barrels, supported by U.S. naval protection. The UAE has also restored exports to pre-conflict levels, further alleviating market tensions. Diplomatic progress between Washington and Tehran added to the relief.
Investors shifted focus from earlier fears of a prolonged supply crunch, contributing to the downward pressure on prices.