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Oil prices fell on Friday after President Donald Trump said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the United States, signaling a tentative easing of tensions in the critical shipping chokepoint.
International benchmark Brent crude futures declined 1.92% to $105.94 per barrel, while U.S. West Texas Intermediate futures slipped 1.76% to $92.82 per barrel.
Speaking during a Cabinet meeting on Thursday, Trump described the development as a goodwill gesture from Tehran amid what he characterized as ongoing diplomatic engagement.
“They said, ‘To show you the fact that we’re real and solid and we’re there, we’re going to let you have eight boats of oil … and they’ll sail up tomorrow,'” Trump said, referring to Iran.
Oil prices since the start of the year
He added that the shipment ultimately grew larger. “They then apologized for something they said, and they said, ‘We’re going to send two more boats.’ And [it] ended up being 10 boats,” he said.
The comments appear to shed light on remarks Trump made earlier this week, when he said Iran had “given us a present” related to oil and gas but did not provide further details at the time.
Markets have been closely monitoring developments in the Strait of Hormuz for signs of disruption or de-escalation, as tensions between Washington and Tehran continue to inject volatility into energy prices. The strait is a vital artery for global crude flows.
Trump’s remarks suggest that at least some oil shipments are continuing to move through the waterway, potentially easing immediate supply concerns.
However, analysts cautioned that the broader oil market remains increasingly fragile, even if isolated shipments resume.
“The oil market did not underreact to the disruption in the Strait of Hormuz; it absorbed it,” said Paola Rodriguez-Masiu, chief oil analyst at Rystad Energy.
“For nearly four weeks, markets have shown remarkable resilience … supported by a combination of pre-war surplus, crude-on-water, and policy barrels that provided a temporary buffer and kept prices contained. That phase is now ending,” she said.
According to Rystad, the global system has shifted from “buffered to fragile” after weeks of supply losses and inventory drawdowns, leaving little room to absorb further shocks.
Nearly 17.8 million barrels per day of oil and fuel flows through the Strait of Hormuz have been disrupted, the firm estimated, with close to 500 million barrels of total liquids lost so far.