Oil prices fell on Friday July 18, with Brent settling at $88.16 a barrel and WTI at $82.24, as crude flows through the Strait of Hormuz resumed. Commonwealth Bank of Australia estimates that traffic through this strategic waterway has recovered to 30-35% of pre-war levels, and that a rebound to 50-60% would be sufficient to restore oversupply conditions in the global market. Prices had previously surged above $93 a barrel amid supply disruption fears following U.S.-Iran strikes. President Donald Trump also called for increased tariffs on Iran under a bipartisan bill imposing sanctions on Tehran and Moscow.
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