US crude oil prices briefly dropped under $70 per barrel for the first time since March 1, amid improving shipping conditions in the Persian Gulf. West Texas Intermediate (WTI) briefly slipped below this level before partially recovering, while Brent crude declined to $73.45 per barrel.
This decline follows progress in moving vessels through the Strait of Hormuz, which has boosted crude flows out of the region. Additional optimism in the market arose after President Donald Trump stated on Truth Social that the United States will free up Iranian frozen assets as part of a commodities trade agreement with Iran.
President Trump also voiced concerns on Wednesday that US oil companies have not matched the recent fall in crude prices with corresponding drops at the gasoline pump.
