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Oil prices erase wartime gains as supply concerns ease with Hormuz tanker traffic resuming
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- Oil prices erased wartime gains on Thursday as investors bet global crude supplies would improve after tankers that had been stranded in the Persian Gulf for months began leaving the Strait of Hormuz.
- U.S. crude for August delivery dropped 1.66% to around $69 a barrel and Brent declined 1.79% to under $73 a barrel, hovering at levels seen before the Middle East war broke out in late February.
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Oil prices erased wartime gains on Thursday as investors bet global crude supplies would improve after tankers that had been stranded in the Persian Gulf for months began leaving the Strait of Hormuz.
U.S. crude for August delivery dropped 1.66% to around $69 a barrel and Brent declined 1.79% to under $73 a barrel, hovering at levels seen before the Middle East war broke out in late February.
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