Crude oil differentials in Europe that help set the global Brent benchmark have fallen further this week as increased flows through the Strait of Hormuz eased concerns about Middle East supply disruptions, traders and analysts said. U.S. Vice President JD Vance said on Thursday that 12.5 million barrels of oil flowed through the strait after the U.S. and Iran signed an interim deal to end their war. The strait, which carried up to 20 million barrels per day before the war, had been effectively [Read more]

Iran's Strait of Hormuz body said on Friday it would waive planned fees to use the strait during a 60-day negotiation period under the memorandum of understanding signed with the United States this week. Ships seeking passage through the strait while the interim agreement is in force must submit transit requests at least 48 hours before arrival, Iran's Persian Gulf Strait Authority (PGSA) said in a notice. Iran would waive fees for security, safety, environmental services and related [Read more]

Oil prices fell on Friday as prospects brightened for more supply after oil tankers began moving through the reopening Strait of Hormuz following a peace deal between the United States and Iran. By 0328 GMT, Brent crude futures fell 43 cents, or 0.54%, to $79.42 a barrel and U.S. West Texas Intermediate crude slipped 17 cents, or 0.22%, to $76.43 a barrel, with the front-month July contract expiring on Monday. The more actively traded August contract was down 30 cents at $75.55 a [Read more]

Iraq's oilfields are ready to resume production and a return to normal output levels will take place gradually until previous production rates are restored, Oil Minister Basim Mohammed told Iraq's state news agency early on Friday. He said state oil marketer SOMO had contacted all customers to nominate chartered and owned tankers to load contracted Iraqi crude oil cargoes from the country's southern ports. He added that the resumption of exports would be gradual and dependent on the smooth [Read more]

Citi said on Thursday it expects oil prices to trend lower over the next six to 12 months, to $60 to $65 per barrel by the first quarter of 2027 as flows through the Strait of Hormuz normalize following the signing of a U.S.-Iran MoU to end their conflict. Oil tankers sailed through the strait and the United States said it lifted its blockade on Iran on Thursday as an interim deal to end the war took effect, though key issues are still unresolved between the two countries. The bank added that [Read more]

Iran's Supreme National Security Council said in a statement on Thursday that the country's Persian Gulf Strait Authority will take measures to issue fast authorizations to ships wanting to pass through the Strait of Hormuz as per the memorandum of understanding signed by Tehran and Washington. Measures on mine clearance will be carried out under the Islamabad MoU, though ships are advised to stick to the path and timing allocated by the authority, the statement published by state media [Read more]

Iran's Supreme Leader Mojtaba Khamenei said on Thursday he had authorised a memorandum of understanding signed by the Iranian and U.S. presidents, despite holding a different view, after receiving assurances from President Masoud Pezeshkian and other senior officials that Iran's rights and the interests of the "Resistance Front" would be safeguarded. In a written message to the Iranian nation, Khamenei said Pezeshkian, in his capacity as head of the Supreme National Security Council, had [Read more]