Oil drifts lower as Strait of Hormuz reopens, focus shifts to demand outlook

IRAN-ISRAEL

Oil was in choppy trade on Friday, as markets assess the implications of the interim U.S.-Iran deal and signs that shipping activity through the Strait of Hormuz is recovering. International benchmark Brent crude futures for August fell 0.45% to $79.49 a barrel. U.S. West Texas Intermediate futures for July declined 0.31% to $76.36 per barrel. Vice President JD Vance said tankers with more than 12 million barrels crossed the strait overnight. "The Iranians, for the second night in a row, did