Strait of Hormuz Traffic Hits Two-Month High, Iran Ships Out 20 Million Barrels of Oil

Traffic in the Strait of Hormuz reached a two-month peak as Iran shipped 20 million barrels of oil. This supply increase contributed to a sharp decline in oil prices from spring highs and briefly lowered gasoline costs below $4 a gallon in certain US regions. Despite these developments, uncertainties persist concerning future shipping flows while negotiations between the two nations continue, and China has simultaneously reduced its oil imports, further impacting the global market.