Crude oil prices fell below $73 per barrel on Wednesday, approaching levels last seen before the outbreak of the Middle East conflict, as an increasing number of tankers resumed transit through the Strait of Hormuz amid progress in US-Iran peace talks. The International Maritime Organization said it had received security assurances that could allow hundreds of vessels to depart the Persian Gulf via Hormuz, while efforts continue to evacuate thousands of seafarers.
The IEA reported that UAE oil exports in early June recovered to nearly 85% of pre-conflict volumes, supported by the use of pipelines, storage facilities, and alternative shipping routes. Adding to expectations of increased supply, a new 60-day US waiver permits global buyers, including US refiners, to purchase Iranian crude and refined products.
At the same time, Iran and Oman announced the start of talks on a joint framework for managing transit through the Strait of Hormuz, including potential fee structures, fueling concerns that Tehran could move to impose passage charges.
