Brent Falls 1.4% Below $88 as Hormuz Traffic Recovers to 30%-35%
Updated
Updated · CNBC · Jul 31
Brent Falls 1.4% Below $88 as Hormuz Traffic Recovers to 30%-35%
3 articles · Updated · CNBC · Jul 31
Summary
$87.78 Brent and $82.27 WTI settled lower Friday, extending declines as supply fears eased after U.S.-Iran hostilities had briefly driven Brent above $93 earlier this week.
30%-35% of pre-war Strait of Hormuz traffic has returned, Commonwealth Bank of Australia said, and a recovery to 50%-60% of normal flows could be enough to restore global oversupply conditions.
Trump also urged Congress to add tariffs on Iran to a bipartisan sanctions bill targeting Tehran and Russia, though the proposal may have limited direct trade impact.
$1.4 million in U.S. imports from Iran in 2025 underscores that limit; art, collectors' pieces and antiques accounted for 55% of the total.