Oil falls 3% as US sees Hormuz traffic recovering

Oil prices fell more than 3% Tuesday after US Energy Secretary Chris Wright said tanker traffic through the Strait of Hormuz is rising and should keep expanding despite the Iran war. The strait handled about 20% of global oil shipments before the conflict and has been severely disrupted since US and Israeli strikes on Iran in February triggered a regional war. Wright told CNBC the rebound in exports was becoming significant and described the trend as positive even after Iran and Israel exchanged missile fire on Sunday. But IMF PortWatch data cited by CNBC showed traffic remained sharply depressed, with a seven-day moving average of five ship arrivals as of Sunday, down from more than 100 before the war.