Brent oil erases wartime gains as Hormuz reopening boosts supply (opens original article in a new tab)

Brent oil erased wartime gains as supply through Strait of Hormuz increased, leading to price declines. U.S.-Iran talks progress boosted supply, but challenges remain including potential Iranian toll fees and inventory replenishment needs.

• Brent oil price dropped below $72.48 a barrel after increased supply through Strait of Hormuz
• U.S.-Iran peace talks progress led to more tankers crossing Hormuz with open satellite signals
• Iran's potential toll fee on Hormuz passage raised concerns for U.S. negotiations
• Global oil prices fell as supply increased from Middle East and Africa
• WTI price near pre-war level of $67.02 a barrel after reaching $119 in March