WTI and Brent crude prices fall as 12 million barrels of oil transit the Strait of Hormuz following a U.S.-Iran agreement.
Oil prices declined Thursday after Vice President JD Vance confirmed tankers carrying 12 million barrels passed through the Strait of Hormuz overnight. WTI futures fell 2% to $75.27, while Brent crude dropped 1.8% to $78.11.
The strait, which previously handled 14 million barrels of crude daily, saw reduced traffic amid recent tensions. The U.S.-Iran agreement, signed Wednesday, allows toll-free passage for 60 days in exchange for lifting a naval blockade. Before the deal, North Sea Dated crude prices had already fallen over $40 to around $82.
Markets reacted to the easing of supply concerns, with Brent futures previously trading near $81 before the agreement took effect.