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Oil prices ease after spiking over halt to Strait of Hormuz evacuation plan

Oil prices have returned to levels seen before the war as shipping ramps up in the Strait of Hormuz. This follows a period of volatility caused by an attack on a cargo vessel that paused a UN evacuation plan. A tentative agreement to end the war in Iran and reopen the waterway is now in place.

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What changed

Prices eased and shipping increased following a tentative peace deal and the resumption of traffic.

Live updates

  1. Oil Prices Stabilize as Strait of Hormuz Shipping Resumes

    Oil prices have returned to levels seen before the war as shipping ramps up in the Strait of Hormuz. This follows a period of volatility caused by an attack on a cargo vessel that paused a UN evacuation plan. A tentative agreement to end the war in Iran and reopen the waterway is now in place.

    What's confirmed:

    • A cargo vessel was struck by a projectile near the Omani coast in the Strait of Hormuz.
    • The International Maritime Organization paused its planned evacuation of stranded ships after the vessel attack.
    • Brent crude futures for August delivery were $73.85 per barrel as of 07:30 GMT.
    • A tentative agreement exists to end the war in Iran and reopen the Strait of Hormuz.

    Still unconfirmed:

    • A U.S. official told MS NOW that Iran was behind the attack on the cargo vessel.
    • Donald Trump claimed a secret military mission moved 100 million barrels of oil through the strait without Iran knowing.
    • Iran claimed it closed the Strait of Hormuz in response to U.S. military strikes.
    • It could take weeks or months for oil to fully flow despite the reopening deal.
    confidence 90%