Reversing the gains from yesterday’s session, crude oil prices have plunged on Friday as optimism increases on resumption of oil flow from the Arab region, overshadowing a sudden projectile attack incident on a cargo ship sailing across the Strait of Hormuz yesterday.
WTI Crude Oil for August month delivery was last seen trading down by $2.60 (or 3.62%) at $69.32 per barrel.
The confidence boost oil and energy traders received following last week’s U.S.-Iran Memorandum of Understanding is holding up as shipping traffic across the Strait of Hormuz improved.
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Market Analysis
Crude Oil Plummets As Shipping Traffic Across The Hormuz Strait Speeds Up
2026-06-26 18:42:11
