Oil prices extended losses on Thursday to erase all Iran-war gains as tankers stranded near the Strait of Hormuz resumed transit after an initial agreement to end the U.S.-Israeli war with Iran helped ease concerns over supply disruptions.
U.S. Energy Secretary Chris Wright said on Wednesday that oil flows through the Strait of Hormuz had almost returned to levels seen before the Iran war began. Speaking at a forum, he said at least 20 million barrels had passed through the strait in the previous 24 hours. However, he noted that a full return to normal operations could take a few weeks as demining work in the area continues.
