LAGOS – Global oil prices tumbled Friday after a landmark U.S.-Iran interim peace agreement took effect, prompting a flurry of commercial oil tankers to resume transits through the critical, newly reopened Strait of Hormuz.
International benchmark Brent crude slipped near $80 per barrel, marking a sharp $15 drop over the past week. Concurrently, West Texas Intermediate crude fell toward $76 per barrel on expanded supply prospects.
The downturn followed maritime reports confirming that several Saudi Arabian, Qatari, and Chinese supertankers have successfully exited the strait. Four Iranian tankers also crossed the shipping lane, signaling an end to the blockade.
The breakthrough comes as an immediate relief to energy markets rattled by a three-month war that began on February 28, which effectively erased roughly 14 million barrels per day from global supplies.
Prices had spiked past $118 per barrel in April during the height of the conflict. The closure of the waterway, which handles 20% of global petroleum liquids, triggered widespread global inflation fears.
The 60-day interim accord, signed in Europe, mandates that Iran immediately reopen the waterway. Concurrently, the United States has officially ended its aggressive naval blockade of major Iranian ports.
Despite the initial drop in futures, energy analysts caution that a definitive price floor may hold around $75 per barrel due to fast-depleted global summer stockpiles and remaining transit backlogs.
Maritime security groups note that full shipping normalization will take weeks. Fleets still face security anxieties and delayed mine clearance operations despite the formal suspension of transit tolls.
