Oil Prices Rebound as Hormuz Traffic Recovers

Oil prices declined on Friday as signs of recovering traffic through the Strait of Hormuz eased supply concerns. The waterway, a vital route for crude oil transportation, had seen traffic levels recover to around 30-35% of pre-war levels, according to estimates from Commonwealth Bank of Australia.

This recovery in oil flows tempered market fears that had sent prices higher following US-Iran strikes earlier in the week. Brent crude futures, the international benchmark, fell by 0.98% to $88.16 a barrel, while West Texas Intermediate futures for September delivery dropped 1.62% to $82.24.

President Donald Trump's call to add tariffs on Iran as part of a bipartisan sanctions bill targeting Tehran and Russia also weighed on investors. The US imported just $1.4 million in goods from Iran in 2025, with works of art, collector's pieces, and antiques making up the largest category of imports.