Crude Falls on Surging Hormuz Shipments

AI Summary

Crude oil prices fell nearly 4% to $69 a barrel due to increased shipping transits through the Strait of Hormuz following progress toward a US-Iran peace deal. Saudi Arabia has resumed loading, restoring Persian Gulf exports to about 75% of prewar levels.

Crude oil fell nearly 4% toward $69 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading ...