Oil drops about 4% as more tankers move through Hormuz

Oil prices fell Tuesday after U.S. Energy Secretary Chris Wright said tanker traffic through the Strait of Hormuz was increasing, easing some fears over the worst supply disruption in history. U.S. crude futures dropped about 4% to $87.68 a barrel by late morning in New York, while Brent crude fell 3.5% to $90.94. The decline followed a brief price spike a day earlier as Israel and Iran exchanged strikes before both sides said fire had ceased. Wright said exports through Hormuz were rising, though he gave no specific figure. JPMorgan estimated in a June 4 note that about 2 million barrels a day may still be leaving on tankers with transponders switched off.