June 24 — Brent crude slipped below $76/bbl, dipping to $75.50/bbl earlier,
returning to levels seen before the Iran conflict; U.S. WTI fell to $72.03/bbl,
its lowest since March 3. Traders said the decline reflects growing expectations
of restored shipping through the Strait of Hormuz and Iranian crude re-entering
global markets. Analysts warn that if related sanctions are eased, Iranian
production and exports could rise within weeks because large volumes are stored
on tankers. Hundreds of tankers and more than 10,000 seafarers were previously
stranded in the Gulf; roughly 20% of global oil shipments transit the Strait. A
recent U.S.-Iran agreement allowing commercial vessels fee-free transit within
60 days has coincided with a marked increase in maritime traffic this week.
