New Delhi, June 26 -- Crude oil prices continued to grind lower on Friday, June 26, as shipping transits through the Strait of Hormuz accelerated, easing supply concerns that had intensified amid the blockade.

The international benchmark, Brent crude, crashed another $3.6 or 4.8% a barrel in trade to $72, marking its lowest level since February 27. For the week, Brent has fallen 10%. Friday's decline has widened its losses for June to 20%, putting it on track for its biggest monthly drop since March 2020, when prices plunged 47%.

Meanwhile, US crude futures tumbled $3 or 4.7% a barrel to $68.57, their lowest level in four months.

Ships have resumed openly transiting the Strait of Hormuz following early progress towards a lasting agreem...