More than 20 tankers carrying about 35M barrels are transiting the Strait of Hormuz after an agreement reopened the route, easing immediate supply fears and sending Brent crude below $73 a barrel and US crude to about $69 a barrel.Analysts at Citi and other banks say strategic inventory releases, weaker demand in China and tankers restoring satellite tracking have pushed prices down, even as a Liberian tanker used a UN-endorsed route near Omani waters despite warnings from Iran's Islamic Revolutionary Guard Corps that vessels must follow Tehran-designated paths.Energy output increases and repairs to damaged infrastructure are helping ease the market, but analysts warn oil could still swing between $60 and $80 a barrel while US and
Iran keep negotiating and regional tensions persist, and Europe is coping with record heatwave-driven electricity demand.