The oil price rally has faded quickly, and ASX energy shares are being pulled lower with it.

At the time of writing, crude oil is down 1.71% to US$69.14 a barrel, while Brent crude is down 1.88% to US$72.35 a barrel.

That leaves crude oil below US$70 and Brent below US$73, with both benchmarks now moving back toward levels seen before the recent Middle East war.

It’s a clear shift from earlier in the month, when traders were closely watching the Strait of Hormuz and pricing in the risk of supply disruptions.

Here’s what has changed.

Oil prices fall as US-Iran talks continue

According to reports, tanker traffic through the Strait of Hormuz has improved after recent progress in US-Iran talks.

One report said 14 oil tankers crossed the maritime chokepoint on Tuesday, carrying about 20 million barrels of oil. That compares with roughly 12 tankers a day the previous week.

Trading Economics also noted that shipowners are becoming more confident moving through the area after safety guarantees from the International Maritime Organization.

The International Energy Agency (IEA) estimates the United Arab Emirates is exporting oil at nearly 85% of pre-war levels, selling roughly 60 million barrels from the Persian Gulf.

China demand is also being watched

The demand side is not helping oil prices either.

Oilprice.com reported that China’s crude imports have fallen to their lowest level since 2018.

The report said China imported 7.82 million barrels per day in May. That was down 38% from February’s pre-conflict level.

China is one of the world’s biggest oil buyers, so that number is getting plenty of attention.

The same report said China has been relying more on physical cargoes already in storage, while cutting back purchases from major Middle East suppliers.

ASX energy shares slide

The latest developments have flowed through to ASX energy shares.

Woodside Energy Group Ltd (ASX: WDS) shares are trading 2.92% lower at $27.41. The ASX’s biggest energy stock has now fallen almost 15% in a month.

Santos Ltd (ASX: STO) shares are also tumbling, down 2.69% to $7.04. The Santos share price has dropped 14.5% across the same period.

What investors are watching now

There was some supportive inventory data in the background.

According to the US Energy Information Administration, US crude inventories fell by 6.1 million barrels in the week ending 19 June.

Commercial crude stockpiles fell to 412.1 million barrels, which is around 7% below the 5-year average.

However, that wasn’t enough to stop oil prices from falling today.

At the moment, the market appears more focused on easing Middle East supply concerns than lower US inventories.

The post Crude oil falls below US$70 as ASX energy shares sell-off appeared first on The Motley Fool Australia.

More reading

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• Why Judo Capital, Minerals 260, Santos, and Worley shares are dropping today
• Is the Woodside share price a buy in July?
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• Buying Woodside shares? Here’s the dividend yield you’ll get today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are down 0.4% to 8,772.2 points on Thursday.

Among the 11 market sectors, healthcare is in the lead today, up 2.7%, amid signs of a meaningful sector rebound. 

The energy sector is the drag on Thursday, down 2.5%, as the supply outlook improves in the Middle East.

Trading Economics analysts reported that growing confidence in a lasting peace deal had prompted more tankers to transit the Strait of Hormuz with their tracking signals on.

Supply has also increased across key segments of the market, with buyers facing a surge of crude offers from the Middle East and other exporting regions, including West Africa.

In addition, a temporary US waiver permitting purchases of already-loaded Iranian oil is expected to further boost available supply.

Meanwhile, three experts let us in on their opinions of three ASX shares.

Let’s check them out.

Capricorn Metals Ltd (ASX: CMM)

The Capricorn Metals share price is $11.98, down 5.5% today and down 17% in the calendar year to date (YTD). 

David Coates from Bell Potter has a buy rating on this ASX gold share. 

Coates said: 

CMM is a sector leading gold producer, unhedged and debt free. It is fully funded to grow production from ~120kozpa to ~300kozpa from two gold mines in WA, each with +10 year mine lives.

CMM is run by a management team that has an excellent track record of delivery.

Our NPV-based valuation is up marginally to $16.25/sh.

Chrysos Corporation Ltd (ASX: C79)

The Chrysos Corporation share price is $5.65, down 3.4% today and down 23% YTD. 

Toby Grimm from Baker Young has a hold recommendation on this ASX industrials share. 

On The Bull this week, Grimm said: 

The company combines science and software to create technology solutions for the global mining industry. The company’s flagship product is PhotonAssay.

A pull back in gold prices, if protracted, presents a potential headwind. However, we’re encouraged by expansion into South America, where we see a large copper analysis opportunity as C79 continues to branch out from gold.

The company’s decision to upsize its debt facility to $200 million reflects management’s confidence in the near term growth runway.

In our view, the stock offers significant recovery potential given it was recently trading at a substantial discount to its February highs.

Cochlear Ltd (ASX: COH)

The Cochlear share price is $115.31, up 1.6% today and down 56% YTD.

Niv Dagan from Peak Asset Management has a sell rating on this ASX healthcare share.

He explained: 

Hospital capacity constraints amid softer consumer sentiment and reduced referral activity are weighing on implant volumes, while cost base restructuring is likely to impact earnings in the near term.

In April, the hearing implants maker materially reduced its fiscal year 2026 underlying net profit guidance to between $290 million and $330 million from between $435 million from $460 million in February.

The downgrade was a response to weaker than expected demand in developed markets amid Middle East uncertainty, lower margins and foreign exchange headwinds.

The post Buy, hold, sell: Capricorn Metals, Chrysos, Cochlear shares appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Chrysos and Cochlear. The Motley Fool Australia has positions in and has recommended Chrysos. The Motley Fool Australia has recommended Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are down 0.4% to 8,777.5 points on Thursday.

This week, brokers downgraded four ASX shares and recalculated their 12-month price targets on them.

Let’s check them out.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo Interactive share price is $6.31, down 14.3% today.

Over the past six months, this ASX 200 consumer discretionary share has fallen 44%.

Morgan Stanley downgraded Jumbo Interactive shares to a hold rating yesterday.

The broker slashed its 12-month price target from $14.50 to $8.40.

This still implies a big potential upside of more than 30% ahead.

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is 82 cents, down 5.2% today.

In the calendar year to date (YTD), this ASX energy share has fallen 30%.

Oil prices have retreated to pre-war levels after the US and Iran signed an interim peace deal.

Morgans downgraded Beach Energy shares to a sell rating this week.

The broker said:

After downgrading our Q4 estimates for daily production rates, we see potential for BPT to fall just short of its FY27 group production guidance.

While BPT’s share price has already been under pressure, its earnings outlook has declined at a faster rate, with its forward EV/EBITDA actually rising.

The broker cut its 12-month price target from $1.10 to 81 cents.

This suggests the stock is already fully priced.

Amcor CDI (ASX: AMC)

The Amcor share price is $60.94, up 4% today.

Over the past month, this ASX 200 materials share has ripped 11% higher.

Morgans downgraded Amcor shares from a buy to an accumulate rating this week.

The broker explained:

Following its merger with Berry Global in April 2025, AMC identified a non-core portfolio of ~US$2.5bn in revenue.

These lower-growth or lower-margin businesses where AMC lacks scale or leadership positions are expected to be divested over time via cash sales or joint ventures/partnerships.

While there is a range of scenarios that can play out, using conservative assumptions, we estimate the combined non-core portfolio could be worth ~US$1.8bn.

To date, AMC has reached agreements to sell six businesses for a combined value of ~US$500m.

AMC plans to use proceeds from non-core asset sales to reduce leverage, which stood at 3.8x at the end of 3Q26.

While management expects leverage to end FY26 at 3.4-3.5x, the stretched balance sheet remains a key investor concern.

Morgans kept its 12-month price target of $65.40, indicating 7% potential upside ahead.

Centuria Capital Group (ASX: CNI)

The Centuria Capital share price is $2.04, up 1.8% today and down 0.3% over six months.

Centuria Capital Group is a funds manager that specialises in property investment and investment bonds.

MA Financial Group downgraded the ASX real estate share to a hold recommendation on Tuesday.

The broker has a 12-month price target of $2.18.

This suggests a potential 7% upside ahead.

The post Downgrade alert! 4 ASX shares re-rated by experts this week appeared first on The Motley Fool Australia.

More reading

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• 5 things to watch on the ASX 200 on Wednesday
• Buy, hold, sell: How does Morgans rate these ASX shares?

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jumbo Interactive. The Motley Fool Australia has positions in and has recommended Amcor Plc. The Motley Fool Australia has recommended Jumbo Interactive and Ma Financial Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.