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Oil Extends Decline as Barrels Flow Through Strait of Hormuz

Oil Extends Decline as Barrels Flow Through Strait of Hormuz
Bloomberg Markets Wednesday 01 July 2026, 22:01 UTC By Nicholas Lua 1 min read
Key Points

Oil Extends Decline as Barrels Flow Through Strait of Hormuz Oil fell for a third day as flows through the Strait of Hormuz surged and there were signs of progress in indirect talks between the US and Iran. West Texas Intermediate traded near $68 a barrel, after sliding 3% in the previous two sessions, while Brent settled below $72 on Wednesday. Oil supply through the critical waterway has reached more than 10 million barrels a day, underscoring Tehran’s now-limited ability to halt shipping...

Oil Extends Decline as Barrels Flow Through Strait of Hormuz Oil fell for a third day as flows through the Strait of Hormuz surged and there were signs of progress in indirect talks between the US and Iran. West Texas Intermediate traded near $68 a barrel, after sliding 3% in the previous two sessions, while Brent settled below $72 on Wednesday. Oil supply through the critical waterway has reached more than 10 million barrels a day, underscoring Tehran’s now-limited ability to halt shipping through the Strait of Hormuz, a US official said, while President Donald Trump hailed progress in negotiations.
the Strait of Hormuz (LOCATION) US (LOCATION) Iran (LOCATION) West Texas Intermediate (ORG) Brent (PERSON) Tehran (LOCATION) Donald Trump (PERSON)
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