Oil prices fell more than 4% in intraday trading, with U.S. crude falling below $70 per barrel.

On the 24th, international oil prices significantly fell during trading. As of 21:40 Beijing time on the 24th, the price of light crude oil futures for August delivery on the New York Mercantile Exchange was $69.97 per barrel, a decrease of 4.43%; the price of Brent crude oil futures for August delivery in London was $73.59 per barrel, falling to the lowest level since the outbreak of a new round of Middle East conflict at the end of February, a decrease of 4.53% from the previous trading day. Analysts believe that the decline in oil prices is related to expectations of the resumption of shipments in the Strait of Hormuz. Traders stated that the market is gradually factoring in the possibility of Iranian oil re-entering the global market and normal navigation in the strait resuming. Some analysts pointed out that if the relevant sanctions are relaxed, Iranian oil production and exports could resume growth within a few weeks, as a large amount of oil is already stored in tankers.