Strait of Hormuz Shipping Resumes, Oil Price Drops to Lowest Level Since Conflict Erupted

BlockBeats News, June 24th, affected by the resumption of navigation in the Strait of Hormuz, oil prices dropped to their lowest level since the outbreak of the conflict. According to the US-Iran agreement, more ships have resumed passage through the Strait of Hormuz, alleviating market concerns about the disruption of crude oil transport. Trump stated that Iran has not charged tolls or any other fees for vessels using the route.

In addition, rising supply, weakening demand, and a stronger dollar have also put pressure on oil prices. However, supply-related risks still persist.