-- Crude oil futures retreated in after-hours trading on Friday after reports that Iran had sent a new peace proposal to the US via Pakistani mediators, easing fears of a further supply disruption from the Middle East and raising hopes for the reopening of the Strait of Hormuz.
Front-month West Texas Intermediate crude futures slipped by 2.45% to $102.50 per barrel, while Brent futures were down by 1.21% to $109.06/bbl.
On Friday, President Trump sent letters to Congress explaining that, due to the ceasefire, he doesn't need its authorization for military operations in Iran, even though the conflict hit the 60-day mark this week.
"On April 7, 2026, I ordered a 2-week ceasefire. The ceasefire has since been extended. There has been no exchange of fire between United States Forces and Iran since April 7, 2026. The hostilities that began on February 28, 2026, have terminated," Trump said in letters to the House and the Senate.
Trump said that despite the success of US operations against Iran and continued efforts to secure peace, the threat posed by Tehran to the US and its forces remains significant.
The IRGC Navy command said it will enforce "new rules" over waters near Iran's coast in the Arabian Sea and the Hormuz, making it "a source of security and prosperity for the region."
Iran reportedly sent its latest proposal for negotiations with the US to Pakistani mediators on Thursday, according to media reports, as Trump threatens to maintain the blockade of Iranian ports amid behind-the-scenes diplomacy to end the Middle East conflict.
The US reportedly sent its list of amendments on Monday to reinsert the nuclear issue into the agreement under discussion, with one of the amendments demanding that Iran commit to not attempting to move any enriched uranium.
On Friday, the US Department of the Treasury's Office of Foreign Assets Control said it could sanction vessels that pay tolls to Iran for safe transit through the Strait of Hormuz, even if those payments are made in the form of charitable donations to Iranian NGOs.
The Department said Iranian demands for toll payments may include fiat currency, digital assets, offsets, informal swaps, or charitable donations made to the Iranian Red Crescent Society, Bonyad Mostazafan, or Iranian embassy accounts.
Traffic through the Hormuz was cut by half on April 30 to seven crossings from the previous day, with traffic split between four commercial and three non-commercial movements, according to Kpler.