Oil prices are falling following the resumption of shipments through the Strait of Hormuz
Global oil prices continued to fall on Tuesday amid investor expectations that full-scale oil shipments through the Strait of Hormuz would resume and that diplomatic talks between the U.S. and Iran would progress.
According to market data, Brent crude futures fell 0.3% to $77.70 per barrel, while U.S. WTI crude lost 0.2% and traded at $73.74 per barrel.
The day before, oil prices had already fallen significantly—by more than 3%. This was due to reports of a temporary easing of U.S. sanctions against Iran following the start of peace talks, as well as news of a ceasefire in Lebanon as part of broader diplomatic agreements.
Analysts note that the market continues to be influenced by increased oil shipments through the Strait of Hormuz. According to shipping monitoring data, two oil tankers carrying nearly 2 million barrels of crude oil passed through the strategic sea route on Monday. This indicates a gradual resumption of activity following a recent decline in vessel traffic.
Experts believe that the increase in transit signals a stabilization of physical oil supplies and some progress in diplomatic negotiations between Washington and Tehran.
At the same time, the market remains cautious due to long-standing mistrust between the U.S. and Iran. Analysts emphasize that a return of oil prices to pre-war levels is unlikely to happen quickly, even if relations between the two sides continue to improve.
An additional factor was the news of a decline in oil stocks in the U.S. Strategic Petroleum Reserve. According to official data, its volume fell to 331.2 million barrels last week, the lowest level since June 1983.
This was reported by Reuters.
As a reminder, global prices for Brent crude fell following the conclusion of talks between the U.S. and Iran in Switzerland, during which Tehran announced that it had secured exemptions for the export of oil and petrochemical products. This eased market concerns about a potential supply shortage.
Global oil prices fell sharply on Thursday, June 19, amid reports of an agreement between the U.S. and Iran. Brent futures fell to $77.96 per barrel, while WTI futures dropped to $74.96, their lowest levels since late February.
The U.S. and Iran will create a $300 billion fund to revive the economy — Reuters.
Peace on Tehran’s terms: why the deal with Iran looks more like a U.S. capitulation.
