Crude oil near $75 as tanker traffic resumes through Strait of Hormuz after nearly four months of disruption

Oil prices eased near $75 a barrel on Friday as tanker traffic began recovering through the Strait of Hormuz after nearly four months of disruption, offering some relief to traders even as the shipping corridor remained volatile.

Brent crude was reported around $74.95 a barrel and West Texas Intermediate near $71.60, according to the reporting cited in the research packet. The move suggested that the market was responding not only to a gradual return of tanker traffic, but also to renewed questions about how long that recovery can last.

The Strait of Hormuz is one of the world’s most important oil transit chokepoints. Any interruption there can quickly affect freight flows, supply expectations and price sentiment across the global crude market.

A fragile reopening

The recovery in tanker movement follows a U.N.-backed effort to evacuate vessels through the strait that was paused after a ship near Oman was hit earlier in the week, according to AP. The agency reported that 115 ships carrying about 2,500 seafarers had already been moved, while roughly 500 vessels still remained.

AP said the vessel that was struck near Oman was not part of the evacuation effort. The pause underscored that even with some traffic resuming, the route remains exposed to sudden disruption.

The security backdrop worsened again on June 26, when AP reported that the United States struck Iran after a drone attack on a cargo ship in the Strait of Hormuz. President Donald Trump characterized the attack as a violation of the ceasefire, while Iran rejected that framing.

An Iranian parliament member, Ebrahim Azizi, said Iran maintained control over the strait and described the incident as "ceasefire management" rather than a breach, according to AP. That conflicting account leaves the political and military picture unsettled even as tankers begin creeping back through the waterway.

Supply signals from the Gulf

At the same time, Saudi Arabia restarted crude loadings at its Ju'aymah offshore terminal after a nearly four-month halt, according to Wall Street Journal reporting. Two supertankers had begun loading crude and a third was waiting offshore.

That matters because Ju'aymah is a key Gulf export point. The restart does not eliminate the security risk around Hormuz, but it does indicate that at least some producers are testing a return to more normal export operations.

The market response reflects that tension: the supply picture is improving, but only cautiously. Traders are seeing more tanker activity and resumed Saudi loadings, yet the same corridor still sits within range of further attack, retaliation or another pause in vessel movements.

For shipping companies and insurers, the immediate issue is whether the evacuation route can restart safely and whether ship operators can move cargoes without a fresh incident. For oil traders, the larger question is whether current prices represent a durable easing in risk or only a temporary repricing.

What to watch next

The next developments most likely to move the market are whether the U.N. resumes its evacuation route, whether Iran or allied forces respond again, and whether Saudi loadings continue at Ju'aymah. Any of those could either reinforce the recent recovery or reverse it quickly.

For now, the Strait of Hormuz remains the central risk point for oil markets. The latest traffic recovery has eased pressure on prices, but the sequence of a ship attack, a U.N. pause, and U.S. strikes shows how quickly that relief could disappear.