Crude oil prices drop as tanker traffic through Hormuz improves
Crude oil prices took a dip this morning, thanks to smoother tanker movement through the key Strait of Hormuz.
Brent futures for September dropped to $76.11, and West Texas Intermediate (WTI) for August slid to $72.44.
On India's MCX, July and August crude futures also edged down slightly.
Strait of Hormuz flows 6-7m bpd
With more vessels crossing through the Strait of Hormuz, now up to six to seven million barrels a day, supply fears are easing a bit, though it's still not back to pre-war levels.
Analysts say Saudi Arabia and the United Arab Emirates are sending some oil through pipelines instead, but flows need to hit around 14 million barrels daily for things to really settle.
Donald Trump confirms Iran nuclear inspections
Trump's post confirming Iran agreed to nuclear inspections is also helping out:
Trump confirmed Iran agreed to stricter inspections, which means no naval blockade and steady access through the Strait of Hormuz.
This move has made traders feel more confident about oil supplies and pushed prices lower.