Crude Prices Fall as 19m Barrels Transit Hormuz
Oil prices fell after a record 19 million barrels of crude flowed through the Strait of Hormuz on Monday, according to US President Donald Trump.
Trump announced the milestone on Tuesday, saying: “19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time record. Oil prices are tumbling down, and the world is a much safer place.”
Data from oilprice.com showed Brent crude dropped to $76.75 per barrel, down from $77 the previous day.
The decline followed assurances from US Vice President JD Vance that progress had been made in talks with Iran and that the strait remained open.
The benchmark had spiked to $82.30 per barrel over the weekend amid renewed tensions after Trump threatened military action against Iran and Tehran briefly closed the waterway.
Mediators confirmed that US and Iranian officials held talks in Switzerland, beginning Sunday, under a memorandum to extend a fragile ceasefire for at least 60 days.
In a move expected to boost supply, the US Treasury Department authorised Iranian oil sales until August 21 under a general licence covering crude and petrochemical products.
Meanwhile, US Secretary of State Marco Rubio arrived in Abu Dhabi to reassure Gulf allies. He stressed that no country could impose tolls on the Strait of Hormuz.
“It’s an international waterway. No country is allowed to charge tolls or fees… and that’s the way we expect it’ll be here,” Rubio said.
Rubio added that Washington remains committed to Gulf security and freedom of navigation, insisting the ceasefire deal with Iran would not embolden Tehran.