Crude futures extended losses as attention shifted to vessel transits through the Strait of Hormuz after a US-Iran agreement. Ritterbusch & Associates said bearish enthusiasm around a reopening contrasts with a separate supply-tight bullish factor and could persist into next week. The firm added output restoration will take time, is unlikely to reach 50-60% of pre-war capacity until August or later, and that rebuilding depleted inventories would drive a marked pick-up in demand.