On Friday, oil prices fluctuated amid news of an interim deal between the U.S. and Iran, which has led to a notable recovery in shipping activity through the Strait of Hormuz. Brent crude futures for August fell by 0.45% to $79.49 per barrel, while U.S. West Texas Intermediate futures for July decreased by 0.31% to $76.36 per barrel.
Vice President JD Vance reported that tankers carrying over 12 million barrels crossed the strait without incident, suggesting that Iran is currently adhering to its commitments.
Additionally, OPEC Secretary General Haitham Al Ghais stated that the organization does not foresee a peak in oil demand soon and dismissed predictions from the International Energy Agency regarding an impending supply glut.
Market analyst Tiago Lacerda from Axi indicated that oil prices are likely to stabilize between $75 and $82 per barrel in the near term, noting that Brent prices have dropped approximately 36% from their peak during the conflict.
The market remains cautious, as major shipping lines have yet to fully resume operations and insurance rates remain high, indicating uncertainty about the pace of normalization in oil supply chains