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Oil Falls Below $80 a Barrel as Tankers Transit Strait of Hormuz
Oil prices dropped below $80 per barrel after several tankers passed through the Strait of Hormuz. The passage marks the first sustained reopenings after months of restricted access to the waterway.
Jun 17, 7:28 AM·1m read1 source
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Oil prices fell below $80 per barrel Wednesday after several tankers completed transits through the Strait of Hormuz. The waterway had been closed in effect for months before the recent passages.
Several tankers passed through the waterway, which has in effect been closed for months. The movements follow a period in which shipping through the strait had been restricted. Oil traders monitored the developments as prices responded to the resumed traffic.
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