U.S.-Iran Talks Yield $3B Fund Release; Strait of Hormuz Traffic Recovers to 57%, Oil Stocks Hit 6-Year Low

According to Trump, indirect U.S.-Iran talks in Doha have progressed well over the past week, with both sides reaching a preliminary agreement to release $3 billion in frozen Iranian funds, easing market concerns over Middle East supply disruptions. Hormuz Strait vessel traffic has resumed, reaching 57% of pre-conflict levels, though recent merchant ship attacks underscore ongoing risks.

U.S. crude inventories fell 3.8 million barrels to 408.4 million barrels last week, hitting the lowest level since September 2018, according to EIA data. OPEC+ is expected to agree on further production increases starting in August at its meeting on Sunday.