Crude oil hits lowest level in nearly 4 months

US grants Iran crude export waiver

What's behind the price dip? Tankers that were held up during the Iran conflict are moving again, and the US has given Iran a 60-day waiver to export crude, so there's more oil on the market.
Last week alone, more than 30 million barrels (including previously blocked shipments and new exports from Iran) made their way to Asia.

Experts warn Hormuz risks global supplies

Even though tensions have eased for now, experts say any flare-up in the Strait of Hormuz could quickly shake up oil markets again since it's such a key route for global supplies.