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Oil dips as Strait of Hormuz shipments restart
Oil prices declined this morning, with Brent crude dropping to $75.07 per barrel and West Texas Intermediate falling to $71.79. This came despite a recovery in shipments through the Strait of Hormuz after removing stuck tankers and an improvement in conditions following an attack on a cargo ship near Oman, during which Iran fired at the vessel as it was crossing. Analysts believe that geopolitical risks could impact the oil market, with weekly losses expected to reach up to 7% for both benchmarks. Meanwhile, oil shipments through the strait rose to their highest level since the escalation between the US and Iran began, amid concerns about Venezuela’s supplies following two earthquakes that caused potential power outages.
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