Oil falls as 35 million barrels clear Strait of Hormuz
What's new: More than 20 tankers have transited since the U.S.-Iran deal, pushing Brent back below $73 a barrel.
Oil prices fell Thursday as traders bet supply risks were easing after stranded tankers began moving again through the Strait of Hormuz. U.S. crude for August delivery dropped 1.34% to about $69.40 a barrel, while Brent slid 1.67% to below $72.51, near levels seen before the U.S.-Iran war began in late February. Trade-tracking firm Kpler said more than 20 tankers carrying about 35 million barrels of crude have passed through the waterway since Washington and Tehran agreed to reopen it. Most of the non-Iranian vessels had been stuck in the Persian Gulf for more than three months and are expected to reach Asia by early August. Citi said it now expects Brent to fall to $60 to $65 over the next six to 12 months, though Iran's Revolutionary Guard warned ships must follow routes designated by Tehran.