Oil futures end the session, the month and the quarter lower amid market relief about the reopening of the Strait of Hormuz, despite recent skirmishes and differences between the U.S. and Iran on control of the waterway. A significant development is seeing supertankers move into the Persian Gulf as opposed to ships just trying to get out, Arlan Suderman of StoneX says in a note. The increased transit, along with Saudi exports via the Red Sea "is close to rebalancing global supplies" given high U.S. exports and lower Chinese imports, he adds. "The market is saying that it believes the United States will respond appropriately each time that Iran tries to control the Strait of Hormuz." WTI settles at $69.50 a barrel, down 31% from the end of March for its biggest quarterly decline since 1Q 2020. The August Brent contract goes off the board at $72.92 for a quarterly loss of 38%. (anthony.harrup@wsj.com)