Thesis: WTI crude has extended its correction to $69.67/bbl, now down 38% from the April peak of $112.95 as the market prices a gradual Hormuz reopening while discounting the operational complexity of restoring 11+ mb/d of displaced Middle East production. The selloff reflects three reinforcing forces — a partial Hormuz reopening with sporadic Iranian vessel attacks (June 26), accelerating demand destruction (-1.1 mb/d per EIA STEO, -5 mb/d in Q2 per IEA), and record US crude+product exports of 12.9 mb/d. However, Cushing inventories have fallen to 19.0 mbbl, ~25% of capacity, barely above operational tank bottoms. At $69.67, the market has overshot pre-crisis fundamentals: OECD inventories are on track to reach 2.3 billion barrels by December, the lowest since 2003. For crude buyers, current prices represent a high-conviction entry for 12-month term coverage. The risk of a Hormuz re-escalation (triggered by the June 26 vessel attack) could drive a $20-25/bbl snap-back. Best course: lock term volumes at current levels with $68 floor protection, and add tactical upside exposure for the re-escalation tail.