Oil suffers major weekly declines amid tanker exits

Oil prices declined by about 3% on Friday, with Brent crude falling to $72.76 per barrel and West Texas Intermediate dropping to $69.77. This reflects reduced concerns about supply disruptions following the departure of tankers from the Strait of Hormuz and easing tensions. The market is on track to record weekly losses of approximately 9.7%, amid expectations of improved oil flows through the strait and Saudi Aramco's resumption of shipping operations after a four-month halt. Major banks also lowered their forecasts for oil prices in 2026 and 2027 due to supply recovery and the lack of increased demand from China, despite ongoing tensions in the region.

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