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Oil eases as Hormuz traffic recovers after U.S.-Iran strikes

7/31/2026

Oil prices pulled back after traffic through the Strait of Hormuz began recovering in the wake of U.S.-Iran military strikes earlier this week.

The Strait of Hormuz is the narrow waterway through which crude moves from the Persian Gulf to global markets.

Commonwealth Bank of Australia said in a Friday note that stronger flows through the strait had reduced market concerns, draining what traders call the war premium from prices.

What a war premium is A war premium is the extra cost markets add to a commodity when conflict threatens supply.