finance
Brent Crude Falls Below $72.48 a Barrel as Tankers Resume Passage Through Strait of Hormuz
Oil prices dropped sharply on Thursday as Brent crude traded below $72.48 a barrel and West Texas Intermediate near $69. Tankers resumed passage through the Strait of Hormuz while bitcoin reached its lowest level since early June.
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-Iran war began, CoinDesk reported. West Texas Intermediate traded near $69 a barrel as tankers resumed open passage through the Strait of Hormuz and oil markets received additional supply. Bitcoin reached its lowest price since early June after a liquidation flush, CoinDesk reported.
The decline occurred alongside weakness in the AI trade that later steadied after Micron reported blowout earnings and SK Hynix announced U.S. listing plans. Cheaper oil reduces inflation pressure that had kept the Fed hawkish, CoinDesk reported.
A sustained drop could eventually alter the rate outlook that weighed on bitcoin throughout the month, though any effect would occur with a lag of months rather than days.
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