Oil drops 10% as supply worries ease
Oil prices declined by nearly 4% on Friday, posting sharp weekly losses of around 10%, amid reduced supply concerns after additional oil tankers exited the Strait of Hormuz, despite a shipping vessel being targeted near Oman. Brent crude fell to $71.99 per barrel, and West Texas Intermediate to $69.23, with expectations of continued increased oil flows through the strait. Although a ceasefire agreement has been reached, shipping activity remains below pre-tensions levels.
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