Strait of Hormuz Shipping Tensions Ease

OPEC's crude output surged in June as Persian Gulf members restored exports through the Strait of Hormuz following a US-Iran peace accord, according to a Bloomberg survey.

The diplomatic thaw led Iran to guarantee safe passage through the strategic waterway for 60 days.

Shipping levels have recovered strongly, erasing the war premium on oil and causing prices to fall for a fourth consecutive week.

The reopening has eased global energy market fears.