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Three crude oil tankers carrying 5 million barrels have exited the Strait of Hormuz as an interim Iran-US deal unlocks supplies trapped in the Gulf. Two vessels are heading to Asian refineries, signalling easing supply pressures and potential downward movement in global oil prices.
Oil prices edged higher on Friday as confidence in a US-Iran peace accord wavered following cancelled diplomatic talks in Switzerland and intensified Israeli operations against Hezbollah in Lebanon.
An interim ceasefire between the United States and Iran has restored maritime traffic through the Strait of Hormuz, sending oil prices to their lowest level since the conflict erupted. Negotiators have 60 days to resolve nuclear programme disputes, but regional instability persists.
Oil prices fell more than 2% Thursday after the United States and Iran agreed to an interim ceasefire deal that would reopen the Strait of Hormuz and ease sanctions on Tehran's crude exports, substantially improving global supply prospects.