Global crude eases near pre United States and Iran tensions
Crude oil prices are sliding, nearly matching what they were before tensions between the US and Iran.
This drop comes as supply gets steadier worldwide: Brent crude is down to $72.86, WTI is at $69.33 per barrel, and in India, prices have also fallen on the MCX.
Chris Wright: 20m barrels through Hormuz
US Energy Secretary Chris Wright shared that over 20 million barrels moved through the Strait of Hormuz in just a day, though he says it'll be weeks before things fully bounce back.
President Trump mentioned Iran has dropped ship passage fees and will use U.S.-held funds to buy food like corn and wheat for its people.
Meanwhile, US crude inventories shrank by 6.1 million barrels last week, but gasoline and distillate supplies actually grew, another sign that the market's stabilizing for now.