Crude oil traded near $81 per barrel on Friday after falling in the previous session, with investors staying cautious as diplomatic efforts continued to reopen the Strait of Hormuz, a key Gulf shipping chokepoint. Oil exports from the Persian Gulf have continued despite the standoff, including some tankers sailing with transponders off, though ships using Hormuz still face persistent security threats. The United States says as much as 9 million barrels a day is moving through the waterway, and its ability to escort tankers is expanding. Demand concerns also moved into focus after the IEA (International Energy Agency) cut its global oil demand outlook this week, warning that prolonged conflict and high prices are increasingly weighing on consumption. OPEC (Organization of the Petroleum Exporting Countries) also lowered its 2026 global oil demand growth forecast to 580,000 barrels per day, its fourth straight downward revision.