Oil Price Today (June 19): Crude oil falls, heads for 9% weekly loss as shipping in Hormuz Strait begins. What are experts saying?

Crude oil prices fell sharply with Brent slipping toward $79 a barrel and WTI trading near $76, heading for a weekly loss of more than 9%. The decline came as tankers carrying previously stranded cargoes resumed movement through the Strait of Hormuz, and Kuwait announced plans to increase production.