Global oil prices end below $80 for the first time since the Iran war began. Ships still aren’t passing through Hormuz.
Shipping data show that only a fraction of normal tanker volumes are moving through the Strait of Hormuz.
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# Oil Market Summary Global crude prices fell below $80 per barrel for the first time since tensions with Iran escalated, despite critical supply concerns, as shipping data revealed that tanker volumes through the Strait of Hormuz—a chokepoint accounting for roughly one-third of global maritime oil trade—have plummeted to only a fraction of normal levels. The disconnect between reduced supply flows and falling prices suggests markets may be pricing in weaker demand or expectations that the Hormuz disruption will be resolved, creating potential volatility for energy stocks and downstream sectors dependent on oil
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