(RTTNews) – Crude oil prices have moved lower on Friday, marginally reversing the gains from the two previous sessions as both the U.S. and Iran refrained from any military attacks. In addition, gulf tension eased following the remarks from U.S. Vice President JD Vance that major combat operations against Iran have ended.
WTI Crude Oil for October month delivery was last seen trading down by $0.15 (or 0.16%) at $91.15 per barrel.
Recently, the U.S. Treasury Department announced stringent economic sanctions against Iran targeting vital financial lifelines holding its economy.
The move was seen as a strategic shift by the U.S. to compel Iran to give up its nuclear ambitions and reopen the Strait of Hormuz by employing measures to squeeze its economy, and hence, investors were relieved of any immediate war-threat in the Middle East.
Over the weekend, in a sudden reversal of events, U.S. forces hit Iran’s launchers in Larak Island to prevent them from re-laying mines across the Strait of Hormuz following which Iran targeted two U.S. bases in Jordan.
Again, angered by this, U.S. President Donald Trump ordered a second wave of attacks in Iran’s southwestern province.
In retaliation, Iran targeted U.S. bases in Jordan, Bahrain, Kuwait, and Erbil province of Iraq.
Yesterday, while stating that though U.S. forces are ready to hit Iran anytime if required, Trump stressed that the renewed attacks could be short-lived.
Later yesterday, U.S. Vice President JD Vance stated that the conflict with Iran is not a war, since there are no active shootings.
Claiming that U.S. forces have already destroyed major nuclear installations in Iran through its prior military operations conducted in 2025 (Operation Midnight Hammer) and this year (Operation Epic Fury), Vance remarked that major combat operations on Iran have now ended. However, Vance refused to give any timeline on when the crisis would end.
Remarking that as long as Iran shoots ships transiting the strait the U.S. attacks would continue, Vance acknowledged that there are a lot of tools in the president’s toolkit to pressure Iran by “doing a lot of things” to halt their strikes on vessels.
Vance stated that besides the intent to halt Iran’s nuclear programs, the U.S. administration is also focused on making energy prices affordable for Americans.
Last Friday, Trump announced a deal with Venezuela to control its proven oil reserves. Calling the deal an amazing testament to smart foreign policy, Vance stated that the U.S. is pursuing a deal to establish an effective 65-billion-barrel oil reserve, aided by American companies.
According to the American Automobile Association, the national average price of gasoline is around $4.1474 per gallon today.
With the U.S. set to face the mid-term elections in November, rising gasoline prices are frustrating American households and could impact the results.
Meanwhile, U.S. Special Envoy Steve Witkoff and Trump’s son-in-law Jared Kushner are set to visit Russia and Ukraine over this weekend to push for the resumption of peace talks.
Russian President Vladimir Putin talked of a chance to end the war in Ukraine through a peace agreement.
Trump stated that nearly 18 million barrels of oil crossed under American protection on Tuesday after the U.S. effectively reopened the Strait of Hormuz. However, data from tracking agencies show that the shipping traffic continues to hover in single digits across the strait.
Citing Kpler, Reuters reported that four commodity vessels transited the waterway yesterday, down from nine-a-day earlier and well-below the 10-day average tally of about 15.
Through the alternate Bab el-Mandeb Strait in the Red Sea, 22 commodity vessels crossed on Thursday, down from 31 the day before and below the 10-day average tally of 24.
The U.S. dollar index was last seen trading at 99.16, up by 0.20 (or 0.20%) today.
