Hormuz reopenings push oil prices down
After the reopening of the Strait of Hormuz, oil prices fell today (Friday) and are heading toward significant weekly losses, as concerns about supplies eased thanks to the release of stranded oil tankers from the strait, despite an attack on a cargo ship near Oman a day earlier. Brent crude prices dropped to $75.07 per barrel, and West Texas Intermediate (WTI) to $71.79, with expectations of continued decline of approximately 7% for both this week. Meanwhile, oil shipments passing through the strait increased to the highest level since the start of the U.S.-Iran conflict, although traffic volume remains below pre-conflict levels.
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