Global oil prices declined following the signing of a memorandum of understanding between the United States and Iran, which raised expectations that the Strait of Hormuz could reopen soon. On Friday, Brent crude fell by 54 cents, or 0.68 percent, to 78.31 dollars per barrel, while US West Texas Intermediate (WTI) crude dropped by 46 cents, or 0.60 percent, to 76.14 dollars per barrel.

According to the US Central Command (CENTCOM), the United States has lifted restrictions on all vessels entering or leaving Iranian ports and coastal areas. In a post on social media platform X, CENTCOM stated that American forces are no longer blocking the movement of ships traveling to or from Iran’s ports in the Arabian Gulf and the Gulf of Oman.

The easing of maritime restrictions and the potential reopening of the Strait of Hormuz have contributed to the downward pressure on global oil prices, signaling a possible stabilization in energy trade routes.