WTI Falls Below $70, Brent Under $75 as More Tankers Exit Hormuz
Crude sank as more oil tankers exited the Strait of Hormuz, the chokepoint that typically handles about 20% of global oil traffic, easing acute supply fears. U.S. benchmark WTI fell below $70 a barrel for the first time since March 4 and Brent slipped under $75 for the first time since the start of the U.S.-Iran war.
The International Maritime Organization, the UN shipping agency, said shippers can transit via Iranian or Omani-and US-coordinated waters as part of a broader plan to evacuate stranded vessels. UBS said nearly 80% of the oil disrupted by the Middle East conflict should return within three months and about 90% by year-end, cutting its third-quarter supply-loss estimate to 7 million bpd from 12 million while warning that logistical and operational bottlenecks will slow full normalization.
The pressure was also showing up in physical markets. Crude discounts were collapsing across grades globally, Asian refineries were oversupplied through August and Brent's prompt time spread flipped into contango, meaning nearby barrels traded below later deliveries.
From the sources (25 posts)
@oilheadlinenewsLindsey Graham: "I spent 4.5 hours with Trump on Friday... If this deal fails, President Trump is gonna take the Strait of Hormuz over by force. We'll charge a fee for those who go through ... if Iran contests control ... we'll obliterate t
@staunovoRT @HFI_Research: Strait of Hormuz is open, only to Iranian-linked vessels.
@hfi_researchRT @WindwardAI: Strait of Hormuz, 21 Jun 07:02 UTC — Windward MSI analysis. 3 dark vessels in active transit through the eastern corridor:…
@joshyoungThe Strait of Hormuz is mostly closed for now
@cointelegraph🔥 UPDATE: Oil continues flowing through the Strait of Hormuz despite Iran claiming the waterway is closed, per Bloomberg.
@businessUS efforts to open shipping channels in the Strait of Hormuz will allow a gradual increase in vessel transit, though security remains volatile, Chubb Ltd. Chief Executive Officer Evan Greenberg said.
@oilheadlinenewsZERO VESSELS REPORTEDLY PASSED THROUGH HORMUZ AS IRAN-ANNOUNCED SHUTDOWN PARALYZES KEY OIL CHOKEPOINT @FirstSquawk
@staunovoUS efforts to open shipping channels in the Strait of Hormuz will allow a gradual increase in vessel transit, though security remains volatile, Chubb Ltd. Chief Executive Officer Evan Greenberg said. “It’s from day to day, hour to hour,” G
@oilheadlinenewsUS efforts to open shipping channels in the Strait of Hormuz will allow a gradual increase in vessel transit, though security remains volatile, Chubb Ltd. Chief Executive Officer Evan Greenberg said. “It’s from day to day, hour to hour,” G
@oilheadlinenewsAn Iranian official mocked Trump's complaints about the Hormuz blockade, calling his threat to become the strait's "guardian angel" a bluff. "If you had the capability, you would have taken control of the strait even for a moment in over 10
@unusual_whalesTrump to Fox News: If Iran closes the Strait of Hormuz, Iranian negotiators will not be able to return to their country
@polymarketNEW: Major shipping insurer Chubb cautions that security in the Strait of Hormuz remains an “hour to hour” situation.
@billackmanRT @TreyYingst: "You close it and you won't have a country." President Trump said he told Iranian officials about the Strait of Hormuz. "Yo…
@reutersTrump says US will resume attacks if Iran does not restrain Hezbollah allies
@zerohedgeRT @staunovo: US efforts to open shipping channels in the Strait of Hormuz will allow a gradual increase in vessel transit, though security…
@unusual_whalesTrump says US might "take over" Strait of Hormuz if Iran deal isn't reached
@polymarketNEW: Lindsey Graham predicts Trump will take control of the Strait of Hormuz “by force” & charge transit fees if a deal fails.
@financialjuiceU.S. diplomat to Axios: solid progress on maintaining Strait of Hormuz access
@financialjuiceU.S. diplomat to Axios: focused on conflict prevention in Lebanon and enforcing ceasefire in Iran talks
@oilheadlinenewsTrump: the Hormuz Strait is OPEN, THE OIL IS GUSHING, and the U.S. Stock Market and Jobs are at record HIGHS
@firstsquawkUS DIPLOMAT TELLS AXIOS GOOD PROGRESS MADE ON KEEPING HORMUZ STRAIT OPEN, WITH TALKS FOCUSED ON DECONFLICTION MECHANISMS IN LEBANON AND CEASEFIRE ENFORCEMENT.
@kalshiJUST IN: US says “good progress” made on keeping Strait of Hormuz open
@zerohedge*S&P 500 FUTURES FALL 0.4%, BRENT OIL RISES 2.2% AT OPEN AFTER TRUMP THREAT ANGERS IRAN
@kobeissiletterBREAKING: US equity market futures open lower as investors await detail on US-Iran talks in Switzerland.
@gurgavinSTOCK MARKET FUTURES JUST OPENED S&P 500 DOWN 0.3% 📉 DOW JONES DOWN 0.3% 📉 NASDAQ 100 DOWN 0.2% 📉