WTI Falls Below $70 as Hormuz Tankers Resume After US-Iran Deal

Oil prices extended their slide through June 24, with WTI briefly falling below $70 per barrel and Brent near $74 as traders unwound the war-risk premium following a U.S.-Iran framework deal. The Strait of Hormuz has seen over 11,000 seafarers cleared and more than 100 laden tankers resume flows, removing a key supply disruption threat. The decline follows a nearly 40% drop from April peaks above $126, driven by weak Chinese crude imports that hit an eight-year low of 7.8 million bpd in May alongside revived short positions. Low global inventories continue to cap further downside while attention shifts to gradual supply normalization.