Crude oil prices tumble 5% as Strait of Hormuz traffic rebounds; Brent plunges 20% in June

Crude oil prices tumbled sharply, with Brent crude falling 4.8 percent to $72 a barrel and US crude down 4.7 percent to $68.57, as shipping resumed through the Strait of Hormuz following a US-Iran interim agreement. Brent has now dropped 20 percent in June, its biggest monthly fall since March 2020, and is down 40 percent from its recent peak of $119.50, with Persian Gulf exports recovering to about 75 percent of pre-war levels. The easing of supply disruptions, including a US-granted 60-day licence for Iran to sell oil internationally, is expected to relieve inflation pressures and lower Indias import bill.