International oil prices pulled back sharply, with WTI falling to US$69.14 a barrel and Brent to US$72.35, taking both benchmarks below key psychological levels. The drop comes as US-Iran talks show progress and tanker movements through the Strait of Hormuz rebound to 14 ships a day. Weak demand signals from China added pressure after May crude imports came in at 7.82 million barrels per day, the lowest since 2018 and 38% below February. ASX energy shares also retreated, with Woodside and Santos each down nearly 15% over the past month.