2026.06.2415:35:30UTC+00Crude Oil Falls Below $70

Crude oil prices fell below $70 a barrel on Wednesday—their lowest level since late February—as rising tanker traffic through the Strait of Hormuz and progress in US–Iran peace talks eased supply concerns. Shipowners are now transiting the chokepoint with transponders switched on, following safety assurances from the International Maritime Organization. According to the International Energy Agency, the United Arab Emirates is exporting crude at nearly 85% of pre-war volumes and has recently shipped roughly 60 million barrels from the Persian Gulf. As a result, oil prices have dropped about 40% from their wartime peak. The renewed flow of global supplies overshadowed data from the US Energy Information Administration, which showed domestic crude inventories falling to their lowest level since 1984, with stockpiles at Cushing slipping below operational minimums.