Crude futures were little changed in after-hours trading on Thursday as the US-Iran peace deal came into effect and tankers began transiting the Strait of Hormuz, easing fears of prolonged disruption in the Middle East.
Front-month West Texas Intermediate crude futures dropped by 0.3% to $76.56 per barrel, while Brent futures were down 0.2% to $79.34/bbl.
US Central Command lifted its blockade on traffic to and from Iranian ports and coastal areas on Thursday.
"American forces are not impeding the transit of vessels to or from Iranian ports on the Arabian Gulf and Gulf of Oman," Centcom said in a social media post on X, adding, "All US military blockade enforcement efforts have ceased."
On Thursday, Vice President J D Vance, in a press briefing at the White House, said that 12.5 million barrels of crude had passed through the Hormuz as of Wednesday night, after the presidents of the US and Iran signed an interim peace deal aimed at ending the Middle East conflict.
The framework agreement sees the two sides commit to further talks over the next 60 days and offers Iran major financial relief, including the ability to immediately resume oil sales and the reopening of Hormuz.
Meanwhile, President Trump refuted reports that the US would make a $300 billion payment to Iran in a social media post on Thursday, labeling the reports as "fake news," saying Washington was seeing "success" and lower oil prices.
Four Saudi Arabian supertankers that had been idling in the Indian Ocean for weeks moved toward the Gulf of Oman, signaling that producers are preparing for a gradual resumption of crude shipments through the Strait.
The vessels, owned by Saudi Arabia's Bahri, made sharp course adjustments early Thursday, according to media reports.
The latest data from MarineTraffic shows that three laden Bahri-operated tankers that had been stranded in the Persian Gulf for months also exited the strategic waterway earlier in the day.
Three laden Saudi-flagged Very Large Crude Carriers have reappeared on AIS after over two months of being dark, indicating tanker operators are cautiously restoring visibility through the Strait of Hormuz, the maritime data platform said in a post on X on Thursday.
Saxo Bank strategists said that an estimated 100 million barrels of crude and refined products are already loaded on tankers and waiting to leave the Gulf, while regional producers are taking steps to restart shut-in production.
On the demand side, OPEC projected that oil demand will reach 113.3 million barrels per day in 2030 and 124.1 million b/d by 2050, up from 105.1 million barrels in 2025. The producer cartel's forecast contrasts with that of the International Energy Agency, which expects global supply to surge by 8 million b/d and demand to rise by just 2 million b/d.