OIL PRICES FALL AS TANKERS EXIT STRAIT OF HORMUZ
REUTERS
Oil prices extended their decline yesterday, edging closer to pre-war levels as stranded tankers exited the Strait of Hormuz following an initial accord to end the U.S.-Israeli war with Iran, easing supply concerns.
Brent had fallen more than $3 on Wednesday as supply concerns eased, and West Texas Intermediate-WTI settled down nearly $3.
“Flows through the Strait of Hormuz were close to what they were before the start of the Iran war, at least 20 million barrels had exited the strait in the last 24 hours” U.S. Energy Secretary Chris Wright told a forum on Wednesday
He added a return to complete normalcy would take a few weeks because the strait needs to be demined.
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