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Signals of Supply Disruption Easing for Bearish Rally Continues in Oil

Focus on Crude Oil:

Two stranded supertankers have passed through the Strait of Hormuz on Tuesday (6/23), according to vessel tracking data.
Trump announced that 19 million barrels of oil successfully passed through the Strait of Hormuz, a record for global energy shipments.
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Wednesday, June 24, 2026 - This morning’s oil prices continue to trend bearish as signals of normal traffic flow in the Strait of Hormuz reemerge, indicating a reduction in global oil supply disruptions.

Two supertankers were reported to have passed through the Strait of Hormuz on Tuesday, and more previously stranded cargoes since the Iran war are expected to soon be released. One supertanker owned by Dubai Energy, carrying 2 million barrels of Abu Dhabi and Saudi crude oil, exited the strait last night and is now sailing toward Kaohsiung, Taiwan, according to LSEG and Kpler data. The other supertanker, Universal Glory, carrying 2 million barrels of Saudi crude oil, also exited the strait on Tuesday, according to the data. Additionally, two Suezmax tankers previously sanctioned — Sobar and Sarak — each capable of carrying 1 million barrels of oil, are heading toward the strait on Tuesday, according to the data.

Adding to the downward pressure, U.S. President Donald Trump on Tuesday said that 19 million barrels of oil flowed through the critical Strait of Hormuz on Monday, marking a record for global energy shipments. Trump is optimistic that the drop in oil prices is a result of this.

Meanwhile, U.S. Secretary of State Marco Rubio on Tuesday reaffirmed that any Iranian attempt to impose transit fees in the Strait of Hormuz is a violation of international law, and the U.S. will not accept such fees in any final agreement. Rubio’s statement followed a meeting between Oman and Iran on Tuesday discussing future navigation management in the Strait of Hormuz, where Tehran plans to impose fees for passing through the strait, called “safety, navigation, environmental protection, and insurance services.”

On the supply side, industry group API reported U.S. crude oil inventories fell by 765,000 barrels for the week ending June 19. The API report indicates strong demand in the U.S. oil market. However, traders are still awaiting the official government stock report to be released Wednesday night by EIA.

From a technical perspective, oil prices may encounter immediate resistance at the $75 per barrel level. However, if negative catalysts appear, prices could fall to the nearest support at $70 per barrel.