Oil drops after Warsh comments and Gulf events

Oil prices experienced a decline on Friday, with the weekly drop exceeding 4-5%, following statements by U.S. Federal Reserve Chairman Kevin Warsh indicating the possibility of interest rate hikes to curb inflation. In market developments, reports have emerged about the potential reopening of the Strait of Hormuz after disruptions in navigation amid diplomatic pressures. Additionally, the United States has imposed strict sanctions on Iran. The price decline occurred despite ongoing strikes on Russian oil refineries and market concerns over geopolitical tensions and their impact on global oil supplies.

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