Oil Flows Resume Through Hormuz as Prices Fall

Energy Secretary Chris Wright stated that 20 million barrels of crude oil transited the Strait of Hormuz in 24 hours, signalling the easing of a bottleneck that had spiked global prices.

Oil fell below $75 a barrel for the first time since the US-Iran war began, though pump prices remain stubbornly high.

The resumption of tanker traffic follows a memorandum of understanding between the United States and Iran aimed at de-escalating the conflict.

However, analysts warn that the global supply has been severely disrupted, with over one billion barrels of oil missing from the market during the four-month standoff.