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Oil prices fall after Vance says more than 12 million barrels exit Strait of Hormuz

Oil and gas prices have declined following a peace deal between the US and Iran. Vice President JD Vance reported that 12.5 million barrels of oil passed through the Strait of Hormuz overnight. This movement follows the signing of a deal by President Donald Trump to end regional conflict.

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What changed

Reports now confirm that Washington and Tehran signed a formal peace deal.

Live updates

  1. Oil Prices Drop as 12.5 Million Barrels Transit Strait of Hormuz

    Oil and gas prices have declined following a peace deal between the US and Iran. Vice President JD Vance reported that 12.5 million barrels of oil passed through the Strait of Hormuz overnight. This movement follows the signing of a deal by President Donald Trump to end regional conflict.

    What's confirmed:

    • Vice President JD Vance stated 12.5 million barrels of oil passed through the Strait of Hormuz overnight.
    • President Donald Trump signed a deal to end the conflict between the US and Iran.
    • Oil and gas prices have fallen.
    confidence 100%

  2. Oil prices drop as US lifts Iran blockade

    Oil prices fell after the US ended its blockade of Iran. Vice President JD Vance stated more than 12.5 million barrels passed through the Strait of Hormuz on Wednesday night. Iran's supreme leader has endorsed direct talks with US officials to end hostilities.

    What's confirmed:

    • The US lifted its blockade of Iran.
    • Vice President JD Vance said more than 12.5 million barrels went through the Strait of Hormuz on Wednesday night.
    • Ayatollah Mojtab Khamenei endorsed direct talks with American officials.

    Still unconfirmed:

    • Vice President JD Vance downplayed concerns regarding Iran potentially imposing tolls on Strait of Hormuz traffic.
    • The IEA predicts a supply glut next year.
    • OPEC has dismissed the IEA supply glut forecast.
    confidence 95%

  3. Oil Prices Drop as Tanker Traffic Returns to Strait of Hormuz

    Oil prices declined following a U.S.-Iran deal and the lifting of a blockade on Iran. Vice President JD Vance reported that over 12 million barrels of oil moved through the Strait of Hormuz overnight. The IEA predicts a supply glut next year, though OPEC has dismissed this forecast.

    What's confirmed:

    • Vice President JD Vance stated that more than 12 million barrels of oil passed through the Strait of Hormuz overnight.
    • The U.S. lifted its blockade of Iran as part of a deal.
    • Brent crude prices fell toward $78 a barrel.
    • The IEA forecasts an oil supply glut next year and a massive surplus in 2027.
    • OECD oil stocks have fallen to their lowest level since 1990.

    Still unconfirmed:

    • The White House is delaying Vice President Vance's trip to Switzerland for nuclear negotiations with Iran.
    • The Iran deal has entered a 60-day phase.
    confidence 90%