Tanker spike at Hormuz tips oil toward surplus, airlines rally
Brent crude futures flipped into prompt oversupply as Gulf oil flows through Hormuz neared pre-war levels, sending August Brent down $1.06 to $72.68—its lowest since Feb. 27—while U.S. airline stocks jumped up to 7% as jet fuel prices eased, but tanker rates soared and hundreds of ships remain stranded, keeping route risk high.