By 11:40 a.m. ET on Friday, the NYMEX August West Texas Intermediate crude contract had shed $3.06, dropping to $68.86/bbl. September WTI futures followed a similar downward trajectory, trading at $68.62/bbl. Brent crude faced even sharper pressure, with the August ICE contract falling $3.47 to $71.90/bbl.

Refined products mirrored the sell-off across crude markets. July ULSD futures dropped 7.92cts to $3.219/gal, while July RBOB gasoline futures declined 8.54cts to $2.9419/gal. The market volatility follows a week of erratic trading; prices had surged on Thursday after reports of an Iranian attack on a cargo ship, only to reverse course as evidence emerged that shipping remains unobstructed.

Data from Kpler indicates that more than 170 million barrels of crude have successfully exited the strait since the June 18 memorandum of understanding between the U.S. and Iran. With at least one oil tanker spotted traversing the chokepoint on Friday morning, traders have largely discounted the earlier security fears, refocusing instead on the persistent supply pipeline.