Oil prices on Tuesday logged their biggest quarterly drop in six years, after an extended U.S.-Iran cease-fire in June and more ships passing through the Strait of Hormuz helped pull global crude prices down by more than 20% for the month. Crude prices in June were responding to a less dire global supply backdrop than initially feared, helped by reductions in Chinese crude imports, transit workarounds beyond Hormuz and the release of emergency stockpiles to offset Persian Gulf supply disruptions.