Oil drops over 3% on supply easing

Oil prices fell by more than 3% at the close, amid reduced concerns about supply due to increased tanker traffic through the Strait of Hormuz and the halted movement of some ships following the damage to a cargo vessel near Oman. As a result, Brent crude dropped to $71.99 and West Texas Intermediate to $69.23. Although there was an earlier rise of over 2% after the ship was damaged, the market experienced a wave of selling amid growing tanker flows through the Strait of Hormuz and continued weak Chinese demand. Additionally, Saudi Aramco resumed loading oil at Ras Tannura after a four-month hiatus, amid hints of a global supply surplus.

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