Crude slips toward $70 as tankers return to Hormuz after US-Iran reach peace deal

AI Summary

Crude oil prices have dropped sharply toward $70 as tanker traffic through the Strait of Hormuz resumes following a peace deal between the US and Iran. The move eases supply concerns with traders anticipating a surplus amid resumed Iranian exports and improved shipping.

Crude oil prices have plummeted towards pre-war levels as tanker traffic through the Strait of Hormuz resumes, alleviating supply worries. Following a surge past $126, oil is now hovering around $70. Improved shipping and potential Iranian exports have eased fears of disruptions, leading to a significant price drop. Traders are now anticipating a surplus as physical crude trades at discounts.