Oil Falls Below $70 as Iran Cargo Ship Attack Fails to Shake Hormuz Confidence

Oil prices tumbled below a key psychological threshold Friday as traders largely shrugged off Iran’s latest attack in the Strait of Hormuz, betting the strategic waterway will remain open despite renewed tensions.

West Texas Intermediate crude dropped 3.4% to $69.46 a barrel, falling below $70 for the first time since the U.S. and Iran signed a memorandum of understanding last week to reopen the strait. Brent crude, the international benchmark, declined 3.1% to $72.18 a barrel.

The continued slide in crude prices has translated into relief at the pump for American drivers.

The national average price of gasoline fell to $3.90 per gallon on Friday, according to AAA, down roughly 13% over the past month and well below this year’s peak of $4.56.

The market’s optimism held even after Iran reportedly attacked a Singaporean cargo ship transiting the Strait of Hormuz on Thursday.

The strike came only hours after Tehran warned that vessels failing to use its government-approved shipping route through the waterway would be “dealt with.”

More over at The New York Post:

US crude oil falls below $70 a barrel despite Iranian attack on cargo ship https://t.co/eH2Jzz4SLD pic.twitter.com/GfpFmex5Cp

— New York Post (@nypost) June 26, 2026