Oil slides as Hormuz shipping rebounds, easing supply fears
TL;DR Summary
Oil prices fell on Friday as shipping through the Strait of Hormuz rebounded to its highest level since the Iran war began, easing fears of supply disruptions. Brent crude dropped over 2% and WTI slid about 3% to below $70 a barrel, aided by renewed US–Iran talks and a memorandum that could reopen Hormuz and secure free navigation for oil tankers.
- Oil prices drop as more ships move through the Strait of Hormuz Yahoo Finance
- Oil Prices Return to Prewar Levels After Four Months The New York Times
- Oil price falls to levels not seen since before Iran war BBC
- Oil set for hefty weekly losses as tankers exit Strait of Hormuz Reuters
- Oil price back at prewar levels as Gulf flows pick up Financial Times
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