financial wire, oil markets desk
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CNBC · United States · Oil posts its steepest quarterly drop since COVID as Hormuz reopens and Iran ceasefire holds
Day-end market report for June 30. Confirms WTI August delivery at $69.80 (down 1.3% on the day, down 19% for June, down 24% for Q2) and Brent at $72.99 (down 0.2%, down 20% for June, down 30% for Q2). Attributes the decline to Hormuz reopening and the Doha-talks signal, with CNBC noting this is the largest Brent quarterly drop since the COVID price crash.
“Crude is on track for roughly a 30% drop in Q2, its largest quarterly decline since 2020, as traffic through the Strait of Hormuz accelerated after progress toward a peace deal released oil previously trapped inside the Persian Gulf.”