World oil prices continued to fall on july 28 afternoon as the US and Iran ceased mutual attacks since last weekend.

Brent crude climbs to 85 USD per barrel amid renewed Middle East tensions.

Just one day after announcing a 20% "protection fee" for cargo ships passing through Hormuz, the US president has withdrawn the proposal.

Energy Aspects, an energy consultancy, estimates Europe will face a shortage of nearly 600,000 barrels of jet fuel per day in Q3.

The volume of Iranian oil adrift at sea is growing as Tehran boosts exports, but Chinese buyers are reducing their purchases.

Three weeks after a US-Iran memorandum of understanding, shipping traffic through the Strait of Hormuz remains at only one-third of normal levels and has further declined this week, keeping oil and gas supplies tight.

On 8/7, Reuters cited close sources saying China has temporarily lifted fuel export restrictions for July.

The lifting of a US port blockade in mid-June has led to an increase in both Iran's crude oil exports and prices.

Brent crude oil fell below 75 USD a barrel, its lowest level since late february, driven by expectations of normal operations resuming in the Strait of Hormuz.

Societe Generale Bank suggests China acts as an "invisible hand" that could help rebalance the global oil market both during and after the conflict.

Diplomatic efforts between Washington and Tehran are bringing positive signals for Americans, as gasoline prices have continuously decreased in recent weeks.

OPEC's second largest oil producer expects to return to pre-conflict output soon, depending on traffic flow through the Strait of Hormuz.

At least 20 oil tankers have transited Hormuz since the US and Iran reopened the strait, according to commercial data firm Kpler.

A peace agreement between the United States and Iran has propelled gold prices to 4,300 USD this morning, while crude oil has fallen over 4%.