Oil Prices Decline as Crude Flows Through Strait of Hormuz Recover

Oil prices have dropped as crude flows through the Strait of Hormuz recovered to about 30-35% of pre-war levels, easing supply concerns after recent U.S.-Iran hostilities pushed prices higher.

The West Texas Intermediate futures fell by 1.62% to $82.24, and Brent crude dropped by 0.98% to $88.16 a barrel.

The Commonwealth Bank of Australia noted that a rebound to 50-60% of normal flows could restore oversupply in the global market.