Oil prices fell in early trade on Thursday as hopes for easing U.S.-Iran tensions outweighed concerns over ongoing supply disruptions. Reports indicated that Iran could allow ships to pass through around the Strait of Hormuz. The White House expressed optimism about reaching a deal to end the war with Iran while warning of increasing economic pressure against Tehran if it remains defiant.
A source briefed by Tehran told Reuters that Iran might consider allowing ships to sail freely through the Omani side of the Strait of Hormuz if a deal was reached. Analyst Toshitaka Tazawa noted that while there are hopes for de-escalation, many investors remain skeptical due to previous breakdowns in U.S.-Iran talks.
The U.S.-Israeli war with Iran has caused significant disruptions in global oil and gas supplies. The U.S. has enacted a blockade of shipping from Iranian ports, halting trade by sea. U.S. Treasury Secretary Scott Bessent stated that Washington will not renew waivers for purchasing Iranian and Russian oil without facing U.S. sanctions.
Additionally, the U.S. Energy Information Administration reported a decrease in crude inventories by 913,000 barrels to 463.8 million barrels for the week ended April 10.
