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Oil falls 2% as Hormuz shipments resume
Oil prices fell by 2% on Friday, heading toward significant weekly losses due to diminished concerns about supplies, despite Saudi Aramco resuming oil loading at the Ras Tanura terminal after a suspension of nearly four months. The Brent futures contract dropped to $73.76 per barrel, and West Texas crude to $70.43, amid temporary market gains following an incident involving a cargo ship near Oman and accusations that Iran fired on the vessel. Additionally, oil shipping through the Strait of Hormuz increased to its highest level since the start of the Iran conflict, although flows remain below previous averages amid worries that earthquakes in Venezuela could impact production.
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