Oil Prices Ease as Hormuz Strait Traffic Recovers

Oil prices declined on Friday as signs of recovery in crude flows through the Strait of Hormuz eased supply concerns.

CBA estimates that traffic through the vital waterway has recovered to roughly 30%-35% of pre-war levels, down from a previous estimate of 50%-60% of normal flows.

West Texas Intermediate futures for September delivery dropped 1.62% to $82.24, while Brent crude futures fell by 0.98% to $88.16 a barrel.

The market is also weighing President Donald Trump's call to add tariffs on Iran to a bipartisan sanctions bill targeting Tehran and Russia.