Global benchmark Brent steadied near $80 a barrel, down more than 8% this week, while West Texas Intermediate for August was around $76. Ships carrying stranded oil have began to make their way out of the waterway, while Kuwait said that it will start ramping production back up. Still, investors are balancing signs that supplies can now rebound against lingering tensions.

On Thursday, vessels carrying nearly 10 million barrels of oil either appeared outside the strait or were sailing through, including the first Saudi-owned tankers since the conflict began more than three months ago. In peacetime, Hormuz used to see daily transits of oil and products totaling about 20 million barrels, according to the International Energy Agency.

US Vice President JD Vance said on Thursday that 12.5 million barrels of oil had passed through the Strait of Hormuz the night before. That figure may represent the highest daily tally since the war began at the end of February.

Tensions remain, however, alongside concerns a full resumption of flows could take months. After his remarks, Vance paused a trip to Switzerland for talks with Iran. In Lebanon, meanwhile — where Israel has been confronting Tehran-backed Hezbollah — the nation's forces said they had continued strikes.

Crude's selloff means that futures have given back almost all of the gains triggered by the war, which erupted after the US and Israel attacked Iran over its nuclear program. The strait — which connects the Persian Gulf to global markets and normally carried about a fifth of global oil supply — had been subject to a double blockade by both Tehran and the US.

US President Donald Trump hailed the developments, pushing back against criticism from Iran hawks, including some allies, that the deal conceded too much to Tehran. "The Markets are loving what is happening with Oil Prices way down, and Stocks way up," Trump posted on social media.

In a sign of producers adjusting to the shifting situation, Abu Dhabi National Oil Co. told customers to resume loadings of its crude oil from ports within the Persian Gulf, according to a notice sent by the company that was seen by Bloomberg. Adnoc declined to comment.