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Oil prices ease as recovering Hormuz Strait traffic tempers war premium
Oil prices continued their decline on Friday, a trend accelerated by recovering crude flows through the Strait of Hormuz which have alleviated worries about supply disruptions following U.S.-Iran tensions. West Texas Intermediate futures decreased to $82.24, while Brent crude fell to $88.16 a barrel. According to Commonwealth Bank of Australia, resumed traffic is now at 30%-35% of pre-war levels, with further increases potentially leading to oversupply in the market.
MonitorConfidence: MediumShort term horizonGeopolitical risk: High
Published 31 Jul 2026, 04:55 UTC1 min read
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Summary
TL;DR
- Oil prices have decreased as Strait of Hormuz traffic improves.
- U.S.-Iran hostilities had temporarily pushed Brent prices above $93.
- West Texas Intermediate futures dropped 1.62% to $82.24.
- Brent crude futures fell by 0.98% to $88.16.
- Commonwealth Bank estimates traffic recovery could reach 50%-60% of normal levels.
Interesting facts
- Traffic through the Strait of Hormuz currently at 30%-35% of pre-war levels.
- The U.S. imported very little from Iran, mostly art and antiques.
- Trump's proposed tariffs on Iran reflect a strategic economic approach.