Oil Extends Losses on Expectations of Smoother Crude Flows via Hormuz

Drone view of oil tanker HELGA berthed at one of Iraq’s southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. REUTERS/Mohammed Aty/File Photo

Summary

Prices pressured by US-Iran talks, sanctions relief
More vessels transit Hormuz, underpinning optimism
US crude inventories continue to fall
BENGALURU, June 24 (Reuters) – Brent crude oil prices fell more than 1% on Wednesday to the ​lowest in nearly four months, extending losses on signs that more oil tankers are set ‌to move out of the Strait of Hormuz.