After crude oil plummeted by nearly 2% on Monday, oil prices continued to fall slightly on Tuesday. Persian Gulf exports increased, and Saudi Arabia lowered oil prices, indicating that supply in the market is easing. Brent crude oil, the global benchmark, fell below $100 per barrel, and West Texas Intermediate fell back to around $88. Gulf oil producers are transporting more crude oil through the Strait of Hormuz. Although the risk is still high, more tankers are choosing to venture through this disputed waterway. Kuwait claims that its crude oil production has returned to about 75% of the level before Iran's war; Iraq is chartering additional ships to transport crude oil via the Strait of Hormuz. Meanwhile, Saudi Aramco cut the price of its main Arabian light crude oil for Asian customers to a six-year low to compete for market share. Heather Conley, a senior researcher at the American Enterprise Research Institute and senior consultant at Evenflow Macro LLC, said that the improvement in crude oil circulation in the Strait of Hormuz has not solved the energy problem, and the supply of refined oil products is still tight.

After crude oil plummeted by nearly 2% on Monday, oil prices continued to fall slightly on Tuesday. Persian Gulf exports increased, and Saudi Arabia lowered oil prices, indicating that supply in the market is easing. Brent crude oil, the global benchmark, fell below $100 per barrel, and West Texas Intermediate fell back to around $88. Gulf oil producers are transporting more crude oil through the Strait of Hormuz. Although the risk is still high, more tankers are choosing to venture through this disputed waterway. Kuwait claims that its crude oil production has returned to about 75% of the level before Iran's war; Iraq is chartering additional ships to transport crude oil via the Strait of Hormuz. Meanwhile, Saudi Aramco cut the price of its main Arabian light crude oil for Asian customers to a six-year low to compete for market share. Heather Conley, a senior researcher at the American Enterprise Research Institute and senior consultant at Evenflow Macro LLC, said that the improvement in crude oil circulation in the Strait of Hormuz has not solved the energy problem, and the supply of refined oil products is still tight.