International Oil Prices Plunge More Than 4% as Supply Fears Ease... WTI Falls Below $70 a Barrel

[Financial News] International oil prices tumbled as concerns over supply shortages eased, helped by increased traffic through the Strait of Hormuz and Saudi Arabia's resumption of shipments.
On the 26th local time, Brent Crude Oil futures for August delivery on ICE Futures Europe closed at $71.99 per barrel, down 4.34% from the previous session. That was below the $72.48 level seen on February 27, just before the outbreak of war between the United States and Iran, and marked the lowest level since February 26.
At NYMEX, West Texas Intermediate (WTI) crude oil futures for August delivery closed at $69.23 per barrel, down 3.74% from the previous session. Brent Crude Oil and WTI fell 10.65% and 8.73%, respectively.
The decline came after the Strait of Hormuz reopened following the signing of a postwar MOU between the United States and Iran.
Crude oil shipments passing through the Strait of Hormuz this week reached their highest level since the war began. Although volumes remain below prewar levels, the continued exit of tankers from the strait has raised expectations for a normalization of supply.
In addition, news that Saudi Aramco had resumed crude oil loading at its Ras Tanura port in the Gulf region for the first time in more than three months also appears to have weighed on global oil prices.
act@fnnews.com Choi A-young Reporter