Crude Oil Plunges Amid Increasing Shipping Traffic Across The Strait Of Hormuz

Crude oil prices plummeted after the Strait of Hormuz reopened following a U.S.-Iran ceasefire agreement, leading to increased shipping traffic. The agreement also allows Iran to sell crude oil and petrochemicals, further contributing to market optimism about normalized oil supply. WTI Crude Oil for August delivery fell by 3.92% to $70.34 per barrel.