US Oil Plunges Below $70 as Ships Keep Crossing Strait of Hormuz

Oil prices have taken a dive below $70 per barrel as ship transits through the Strait of Hormuz have picked up, suggesting that market players aren't overly concerned about a recent attack on a cargo ship that raised fresh worries about the route's security. This drop is significant because the Strait is crucial for global oil supplies, and its stability directly impacts energy prices worldwide. The resilience of shipping traffic signals that for now, at least, traders remain confident in maintaining safe passage, despite heightened geopolitical tensions.