Oil prices traded in a narrow range on Friday as improving shipping activity through the Strait of Hormuz eased supply concerns despite renewed fighting between the United States and Iran, according to the report.
According to Commonwealth Bank of Australia, shipping through the Strait of Hormuz has recovered to about 30% to 35% of pre-conflict levels. The bank said a recovery to roughly half of normal traffic could restore excess supply conditions in the global oil market and reduce the war-related premium in crude prices.
The report said investors were also assessing President Donald Trump's proposal to add tariffs on Iran to a bipartisan sanctions package targeting Iran and Russia. Trump argued the additional tariffs would strengthen economic pressure on Tehran alongside existing sanctions.
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War Economic Diary: July 31 📅
— Argaam Plus (@ArgaamPlus) July 31, 2026
Key Developments 📝
1- Oil Flows Through Strait of Hormuz Drop Below 3 mln bpd 🛢️
Average outbound oil flows through the Strait of Hormuz have fallen below 3 mln bpd over the past 10 days, down nearly 80% from a peak of more than 15 mln bpd in… pic.twitter.com/W2vlNXPM16
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