WTI prices are now back below $70, but retail oil prices in the U.S. are still a bit high and should have room to drop. In the short term, there's a chance WTI could fall below $65, but it won't be easy. After all, it will take at least another month for the Strait of Hormuz to fully reopen, and the downside potential isn't that significant anymore. In this situation, shorting WTI around $70 feels a bit pointless.