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Oil drops as Hormuz route reopens
Oil prices have fallen to their lowest levels in approximately four months, with Brent crude dropping to $76.30 per barrel and West Texas Intermediate to $72.43. This comes amid expectations that oil tanker movements through the Strait of Hormuz will resume, following increasing signs of the release of stranded vessels. The situation is further influenced by Washington's waiver of sanctions on Tehran for 60 days, while discussions continue between Oman and Iran regarding navigation management in the strait. Despite US warnings that applying transit fees would be considered a violation of international law, the region has also seen the passage of three supertankers coordinated with the Iranian Revolutionary Guards. Markets anticipate ongoing volatility linked to the lifting of US pressures and the diplomatic developments in the area.
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