{"id":63677,"date":"2026-06-24T11:08:18","date_gmt":"2026-06-24T15:08:18","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wti-crude-drops-below-70-as-hormuz-traffic-recovers-speaker-johnson-links-housing-bill-to-recon-3-0\/63677\/"},"modified":"2026-06-24T11:08:18","modified_gmt":"2026-06-24T15:08:18","slug":"wti-crude-drops-below-70-as-hormuz-traffic-recovers-speaker-johnson-links-housing-bill-to-recon-3-0","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wti-crude-drops-below-70-as-hormuz-traffic-recovers-speaker-johnson-links-housing-bill-to-recon-3-0\/63677\/","title":{"rendered":"WTI Crude Drops Below $70 as Hormuz Traffic Recovers; Speaker Johnson Links Housing Bill to &#8220;Recon 3.0&#8221;"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>WTI <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> futures plunged nearly 5% to drop below $70 a barrel<\/strong> as supply fears eased following a significant increase in tanker traffic through the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>House Speaker Mike Johnson<\/strong> stated that <strong>President Donald Trump<\/strong> intends to sign a bipartisan housing bill within <strong>10 days<\/strong>, but only after seeing progress on a <strong>$350 billion &quot;Reconciliation 3.0&quot;<\/strong> package.<\/li>\n<li><strong>Nearly 20% of current traffic<\/strong> in the Strait of Hormuz consists of sanctioned vessels linked to <strong>Iran<\/strong>, according to new maritime data, as Tehran ramps up exports following a temporary U.S. sanctions waiver.<\/li>\n<li><strong>The SAVE America Act<\/strong>, which requires proof of citizenship for voting, has been designated a &quot;top priority&quot; by Speaker Johnson and will be included in the upcoming reconciliation bill despite <strong>Senate Republican<\/strong> concerns over having enough votes.<\/li>\n<\/ul>\n<h2>Energy Markets React to Hormuz De-escalation<\/h2>\n<p><strong>WTI crude futures<\/strong> fell sharply on Wednesday, hitting a 16-week low below the <strong>$70 per barrel<\/strong> mark. This reversal comes as the &quot;fog of war&quot; in the Middle East begins to lift, with <strong>President Donald Trump<\/strong> claiming that <strong>Iran<\/strong> has not sought to collect tolls or insurance fees for vessels transiting the <strong>Strait of Hormuz<\/strong>. Market participants are shifting their focus from supply-disruption panic to a validation phase as shipping volumes normalize.<\/p>\n<p>Data from maritime intelligence firms show that commercial traffic has recovered to roughly <strong>20% of pre-war levels<\/strong> in the days following a <strong>U.S.-Iran Memorandum of Understanding (MoU)<\/strong>. Notably, at least <strong>five previously sanctioned tankers<\/strong> passed through the strait on Monday alone, carrying an estimated <strong>4 million barrels of oil<\/strong>. The U.S. Treasury has issued <strong>General License X<\/strong>, a 60-day authorization allowing the production and sale of Iranian petroleum products through <strong>August 21, 2026<\/strong>.<\/p>\n<h2>Legislative Deadlock: Housing vs. Reconciliation<\/h2>\n<p>In Washington, <strong>House Speaker Mike Johnson<\/strong> (<a href=\"\/stock\/POLITICS\">LA-04<\/a>) confirmed he spoke with <strong>President Trump<\/strong> earlier today regarding the legislative calendar. While a bipartisan housing bill aimed at speeding up affordable home construction passed the House with an overwhelming <strong>358-32<\/strong> vote, its final enactment remains tied to broader GOP priorities. Johnson indicated that Trump wants to ensure the <strong>SAVE America Act<\/strong> is firmly embedded in the <strong>Reconciliation 3.0<\/strong> bill before finalizing the housing measure.<\/p>\n<p>The <strong>SAVE America Act<\/strong> has become a flashpoint between House and Senate Republicans. While Johnson maintains it is the &quot;top priority&quot; for the party, Senate Republican leaders have cautioned that they currently do not have the <strong>50 votes<\/strong> required to pass the measure. This internal friction has led some analysts to describe the push for a third reconciliation bill as a &quot;waste of time&quot; given the narrow margins in the upper chamber.<\/p>\n<h2>Geopolitical and Market Outlook<\/h2>\n<p>The resumption of energy flows through the <strong>Strait of Hormuz<\/strong> is providing a much-needed reprieve for global supply chains. However, the heavy presence of the &quot;shadow fleet&quot;\u2014sanctioned ships linked to Iran\u2014continues to pose a regulatory challenge for international insurers and shipping firms. Analysts at <strong>Kpler<\/strong> and <strong>MarineTraffic<\/strong> noted that while the trend is positive, daily transits remain well below the <strong>130 crossings<\/strong> seen daily prior to the 2026 hostilities.<\/p>\n<p>For investors, the drop in oil prices is expected to ease inflationary pressures, though volatility remains high. The <strong>VIX<\/strong> is currently trading near <strong>19<\/strong>, and the <strong>U.S. Dollar Index<\/strong> has hit a fresh 13-month high. Market attention will now turn to the <strong>PCE inflation data<\/strong> due tomorrow and the potential for further diplomatic breakthroughs or setbacks in the Persian Gulf.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways WTI crude oil futures plunged nearly 5% to drop below $70 a barrel as supply fears eased following 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