Oil prices fell on Friday as shipping activity through the Strait of Hormuz resumed following the U.S.-Iran interim peace deal. Brent crude futures dropped 0.45% to $79.49 a barrel, while U.S. West Texas Intermediate futures declined 0.31% to $76.36 per barrel. Vice President JD Vance confirmed that 12.5 million barrels of oil transited the strait overnight, marking the highest volume since the conflict began. The deal includes the lifting of U.S. sanctions on Iranian oil, adding more supply to global markets.
Japan and South Korea stocks hit record highs as oil prices eased, with Japan's Nikkei gaining 0.8% and South Korea's market rising 3.1%. Analysts caution that Iran may impose a 'maritime service' fee after the 60-day toll-free transit period. OPEC's Secretary General Haitham Al Ghais rejected forecasts of an upcoming supply glut, emphasizing long-term demand fundamentals. Meanwhile, traders remain cautious about the speed of normalization, with insurance rates still elevated.
Market analysts predict oil prices to trade between $75 and $82 per barrel in the near term, down 36% from their peak during the conflict. The Federal Energy Regulatory Commission issued a decision on connecting large loads like data centers to the national grid, opting for a regionalized approach. The U.S. administration is monitoring traffic levels to assess the return to pre-war flows.