Oil prices ease as recovering Hormuz Strait traffic tempers war premium

Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. Elke Scholiers | Getty ImagesOil prices fell Friday as signs of a recovery in crude flows through the Strait of Hormuz eased supply concerns, after a resumption of hostilities between U.S. and Iran had sent them higher over the past few days.West Texas Intermediate futures for September delivery dropped 1.62% to $82.24. Brent crude futures, the international benchmark, fell by 0.98%% to $88.16 a barrel. Commonwealth Bank of Australia said in a note on Friday that stronger oil flows through the Strait of Hormuz had eased market concerns after U.S.-Iran strikes earlier this week briefly pushed Brent above $93 a barrel. The bank estimates traffic through the vital waterway has recovered to roughly 30%-35% of pre-war levels, adding that a rebound to around 50%-60% of normal flows could be enough to reassert oversupply conditions in the global oil market.Investors also weighed President Donald Trump's call to add tariffs on Iran to a bipartisan sanctions bill targeting Tehran and Russia. While sanctions against the two countries have widespread support in the Congress, Trump's well-est...