Crude oil prices fall up to 2%, head for weekly losses as Hormuz supply fears ease

Brent crude fell over 1% to $74.33/barrel and WTI dropped 2% to $70.46/barrel, heading for weekly losses of around 7% as tanker traffic through the Strait of Hormuz recovered after the Iran-Israel ceasefire eased supply disruption fears. The Indian basket of crude, which had averaged $106.23/barrel in May, is down to $86.31/barrel so far in June, down from highs near $120/barrel during the conflict peak, providing relief on inflation and import costs.