With immediate supply fears fading and tanker traffic returning to the Strait of Hormuz, traders are turning their attention back to oil demand and OPEC's outlook for the market.
The first signs of a post-war recovery are emerging across the Middle East after the United States and Iran signed a memorandum aimed at ending the conflict.
Trump said in an interview with Axios on Thursday evening stateside that he negotiated the deal to prevent the conflict from triggering a global depression.
Barack Obama opened his presidential center in Chicago with former presidents, celebrities and dignitaries in attendance. President Donald Trump was absent.
Shares of SpaceX fell as much as 7% Thursday to $178, leaving the stock trading roughly in line with its volume-weighted average price of just under $180.