finance
Brent Crude Falls Nearly 40 Percent in Second Quarter
Crude oil prices recorded their steepest quarterly drop since 2020 as Brent shed close to 40 percent. Traders cited optimism over a potential U.S.-Iran peace deal, though tanker traffic through the Strait of Hormuz remained below pre-conflict levels.
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Crude oil prices ended the second quarter with their largest decline since 2020. Brent crude fell close to 40 percent amid market optimism about a possible peace agreement between the United States and Iran. ING commodity strategists Warren Patterson and Ewa Manthey said the decline may be premature.
They noted that total tanker crossings through the Strait of Hormuz stood at about 11 on Tuesday, down from a peak of 24 the previous Wednesday.
Stanley counted 35 tanker crossings earlier in the week, the first daily total above 30 since the conflict began, Bloomberg reported. The crossings included both oil and gas carriers. At the time of writing, Brent crude traded at $73.17 per barrel and West Texas Intermediate at $69.71 per barrel.
Patterson stated that recent price movements indicate traders are assigning zero geopolitical risk premium to the Strait of Hormuz.
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