Oil drops 3% amid reduced Strait concerns
Oil prices temporarily surged after a cargo ship was damaged near Oman, but later declined by about 3% due to increasing oil flows through the Strait of Hormuz and a slowdown in Chinese demand, with expectations of a growing supply surplus. The prices recorded weekly losses of approximately 9.7% for Brent crude and 8.9% for West Texas Intermediate, amid Iranian tensions and heightened shipping activity through the strait. Additionally, Saudi Aramco resumed oil loading from Ras Tanura after a four-month halt, although shipping activity remains below pre-war levels.
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