Global Oil Prices Hit 4-Month Low as Hormuz Strait Shipping Resumes

International oil prices fell on June 23 (local time) as signs emerged of a recovery in oil shipments through the Strait of Hormuz, a critical chokepoint for global oil transport, amid progress in negotiations between the United States and Iran.

On this day, the settlement price for Brent crude for August delivery on the ICE Futures Exchange fell 1.05% from the previous session to $77.08 per barrel.

On the New York Mercantile Exchange, the settlement price for West Texas Intermediate (WTI) crude for July delivery dropped 0.88% from the previous session to $73.21 per barrel.

This marks the lowest level for Brent crude since February 27, the day before the outbreak of hostilities between the U.S. and Iran, and the lowest for WTI since March 2.

The market is closely watching how quickly oil shipments through the Strait of Hormuz will normalize.

Earlier today, three supertankers passed through the Strait of Hormuz, and some vessels are now transiting the strait with their satellite tracking signals turned on.

The International Maritime Organization (IMO), a UN agency, has launched a large-scale operation to evacuate hundreds of ships and 11,000 crew members stranded in the Gulf region through the Strait of Hormuz.

Furthermore, concerns over disruptions in Iranian oil supply have eased as the U.S. government announced a 60-day sanctions waiver for Iran.

However, some analysts suggest that it will take time for oil shipments to fully normalize due to factors such as mines within the Strait of Hormuz and damage to port facilities.
※ Please note: This article was translated by AI and may contain errors.