WTI oil price falls after increased flow in Hormuz

International energy markets saw a notable drop in the price of West Texas Intermediate (WTI) crude oil on Tuesday, June 9, 2026. The benchmark U.S. crude closed the trading day at $88.2 per barrel, marking a 3.4% decrease from the previous session. This decline represents a loss of $3.10 per barrel for July futures contracts.

The primary factor contributing to this price drop is the reported increase in oil tanker traffic through the strategic Strait of Hormuz. U.S. Energy Secretary Chris Wright indicated that enhanced activity in this vital waterway, which previously handled one-fifth of global oil production, has boosted supply expectations. However, U.S. authorities cautioned that a complete normalization of operations along this maritime route will require sustained effort.

Despite these developments, the oil market remains cautious due to lingering geopolitical tensions and the uncertain prospect of an agreement between Washington and Tehran. While U.S. President Trump has suggested the possibility of a near-term deal with Iran, diplomatic negotiations have stalled in recent weeks, despite an exchange of draft proposals.

The situation has been further complicated by recent events, including the U.S. military's announcement of retaliatory measures after one of its helicopters was shot down in the Strait of Hormuz area. U.S. Central Command confirmed the aircraft crashed near the coast of Oman, with both crew members surviving. President Trump has reiterated the need for an institutional response to this attack.