Oil Extends Decline as Barrels Flow Through Strait of Hormuz

Oil prices declined for a third day as flows through the Strait of Hormuz surged following progress in indirect talks. A US-Iran peace deal reopened the Strait of Hormuz, leading to a 30% drop in oil prices during Q2 2026. While this agreement may stabilize global markets, future geopolitical shifts could alter this balance. The surge in barrels flowing through the region directly contributed to the downward trend in global oil pricing.