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International Oil Prices Plunge on July 6 Following U.S.-Iran Ceasefire, Return to Pre-Conflict Levels

GateNews
Commodities
According to Jin10 Futures, international crude oil prices plunged on July 6 following a ceasefire agreement between the U.S. and Iran. Market participants released substantial crude supplies in response to the agreement, triggering concerns about oversupply and driving prices back to levels seen before the U.S.-Iran conflict escalation. The recovery of navigation in the Strait of Hormuz led to a sharp increase in Middle East crude exports, exceeding market expectations, while Ukrainian strikes on Russian refineries forced Moscow to boost crude sales. With ample supply and weak downstream demand, sellers increasingly competed to secure customers through price cuts, directly pressuring oil prices lower.
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