Ice Brent futures fell in early Asian trading as the strait of Hormuz reopened, gradually restoring oil flows from the region.
The Ice front-month August Brent contract was at $79.18/bl at 04:00 GMT, lower by 67¢/bl from its settlement on 18 June when it ended 30¢/bl higher.
The Nymex front-month July crude contract was at $76.01/bl, down by 59¢/bl from its settlement on 18 June when it ended 19¢/bl lower.
The strait of Hormuz is now considered open after more than 100 days of disruption, according to the United Kingdom Maritime Trade Operations (UKMTO), and the US blockade of Iranian ports lifted.
The Royal Navy-affiliated marine monitoring service lowered the maritime security threat level in the strait to "moderate" on Thursday, but advised that mines remain in some locations and naval forces are on-site to support ongoing clearance efforts.
Three very large crude carriers (VLCCs) have changed course towards the Mideast Gulf after the US and Iran signed a peace deal that includes commitments to restore vessel traffic through the strait of Hormuz.
The US on 18 June lifted its blockade of Iranian trade and stopped impeding transit to and from Iranian ports — the first concrete step in implementing the US-Iran deal.
"All US military blockade enforcement efforts have ceased," said the US Central Command (Centcom), which oversees the US' Middle East-based forces. The US Navy will remain in the "general area" to ensure that Iran also meets its part of the agreement, Centcom said.
Meanwhile, Chinese refiners are awaiting the official issuance of US waivers permitting imports of Iranian crude, a move that could encourage purchases by state-owned buyers and potentially divert supplies away from Shandong's independent refiners.
Chinese state-owned refiners are likely to consider buying Iranian supplies against the backdrop of expectations of an upcoming waiver following the electronic signing of a memorandum of understanding (MoU) between the presidents of the US and Iran.
Opec has raised its long-term oil demand forecast and put greater emphasis on what it sees as a continuing shift in energy-transition policy, pointing to governments and companies placing more weight on energy security, affordability and oil and gas investment.
Ice Brent futures fell in early Asian trading as the strait of Hormuz reopened, gradually restoring oil flows from the region.
The Ice front-month August Brent contract was at $79.18/bl at 04:00 GMT, lower by 67¢/bl from its settlement on 18 June when it ended 30¢/bl higher.
The Nymex front-month July crude contract was at $76.01/bl, down by 59¢/bl from its settlement on 18 June when it ended 19¢/bl lower.
The strait of Hormuz is now considered open after more than 100 days of disruption, according to the United Kingdom Maritime Trade Operations (UKMTO), and the US blockade of Iranian ports lifted.
The Royal Navy-affiliated marine monitoring service lowered the maritime security threat level in the strait to "moderate" on Thursday, but advised that mines remain in some locations and naval forces are on-site to support ongoing clearance efforts.
Three very large crude carriers (VLCCs) have changed course towards the Mideast Gulf after the US and Iran signed a peace deal that includes commitments to restore vessel traffic through the strait of Hormuz.
The US on 18 June lifted its blockade of Iranian trade and stopped impeding transit to and from Iranian ports — the first concrete step in implementing the US-Iran deal.
"All US military blockade enforcement efforts have ceased," said the US Central Command (Centcom), which oversees the US' Middle East-based forces. The US Navy will remain in the "general area" to ensure that Iran also meets its part of the agreement, Centcom said.
Meanwhile, Chinese refiners are awaiting the official issuance of US waivers permitting imports of Iranian crude, a move that could encourage purchases by state-owned buyers and potentially divert supplies away from Shandong's independent refiners.
Chinese state-owned refiners are likely to consider buying Iranian supplies against the backdrop of expectations of an upcoming waiver following the electronic signing of a memorandum of understanding (MoU) between the presidents of the US and Iran.
Opec has raised its long-term oil demand forecast and put greater emphasis on what it sees as a continuing shift in energy-transition policy, pointing to governments and companies placing more weight on energy security, affordability and oil and gas investment.
By Rhalain Reyes