The ceasefire between the US, Israel and Iran has been eagerly awaited by oil traders.
The vital shipping route, the Strait of Hormuz, through which a fifth of the world's liquefied natural gas and crude oil flows, has reopened, and Iran confirmed safe passage through it on Wednesday.
Immediately after the two-week ceasefire was reached, oil prices fell sharply, by more than 13.5% to $94 per barrel for Brent crude, which is also the benchmark.
Production has slowed in major oil-producing states in the Middle East, and this may not resume quickly, so there will still be supply problems.
Before the US and Israel began the attacks, oil was around $72 a barrel. The average price last year was $69.
