Crude Falls on Surging Hormuz Shipments in Commodity News 27/06/2026 Crude oil fell nearly 4% toward $69 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Despite a temporary 2% price rebound on Thursday after the container ship Ever Lovely was struck by a projectile southeast of Oman, President Donald Trump confirmed the strait remains open and traffic has continued. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Crude oil was on track for a 10% weekly drop, the largest in a month. Source: Trading Economics 2026-06-27 hellenicshippingnews... tweet Share