U.S. Strikes Iran In Retaliation For Hit On Cargo Ship — Amid Fragile Ceasefire

U.S. crude oil fell below $70 after the attack on a cargo ship, with reports that more tankers successfully navigated the strait. Prices are now down more than 26% over the past month, reversing the spike that followed the start of the U.S.-Iran war in February. The move reflects easing immediate supply disruption fears, but geopolitical risk in the shipping lane remains elevated.

Analysis

U.S. crude oil fell below $70 after the attack on a cargo ship, with reports that more tankers successfully navigated the strait. Prices are now down more than 26% over the past month, reversing the spike that followed the start of the U.S.-Iran war in February. The move reflects easing immediate supply disruption fears, but geopolitical risk in the shipping lane remains elevated.