Oil drops as Hormuz traffic rebounds

The rise in sales came alongside G7 nations releasing energy stockpiles in a bid to tame surging diesel prices. Oil prices fell as new data showed crude exports from the Middle East surpassed prewar levels, though any respite may be short-lived as attacks on tankers traversing the Strait of Hormuz increased. The rise in sales, according to data compiled by research firm Kpler, came alongside G7 nations releasing energy stockpiles in a bid to tame surging diesel prices. Separately, liquefied natural gas cargoes exiting Hormuz also reached their highest level since the war erupted. The rebound has largely been due to a US naval protection program and strikes against Iranian radar sites, but Tehran has upped the number of strikes on vessels near Hormuz, threatening any energy trade resurgence. “Iran’s Hormuz leverage is fading,” RFE/RL noted, “ but it isn’t gone.”