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US crude oil drops below $70 as tanker traffic resumes despite Iran cargo ship attack

Market News
26 Jun 2026
New York Post
View Source
Bearish
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US crude oil prices fell below $70 a barrel amid cautious optimism about tanker traffic through the Strait of Hormuz, despite Iran attacking a Singaporean cargo ship. The attack led the International Maritime Organization to pause its evacuation plan for ships in the strait, a critical route for 20% of the world's oil supply. Although tanker traffic has resumed via new routes backed by the US, Oman, and the UN, volumes remain far below pre-conflict levels. Tensions persist as the US and Iran negotiate a peace agreement, including unfreezing Iranian assets, which remains controversial.

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