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Oil down 2% amid resumption of Hormuz shipments even as vessel hit near Oman

Crude prices fell 2% on Friday and headed for steep weekly losses as oil tankers exited the Strait of Hormuz. This decline comes despite a cargo vessel being hit near Oman on Thursday. Markets are focusing on the supply outlook as Aramco resumes oil loadings after a four-month halt.

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What changed

Oil prices dropped 2% following the resumption of shipments through the Strait of Hormuz.

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  1. Oil Prices Sink 2% as Hormuz Tanker Traffic Rebounds

    Crude prices fell 2% on Friday and headed for steep weekly losses as oil tankers exited the Strait of Hormuz. This decline comes despite a cargo vessel being hit near Oman on Thursday. Markets are focusing on the supply outlook as Aramco resumes oil loadings after a four-month halt.

    What's confirmed:

    • Crude prices sank 2% on Friday.
    • Oil prices were headed for steep weekly losses.
    • A cargo vessel was hit near Oman on Thursday.
    • Oil tankers have resumed exiting the Strait of Hormuz.
    • Tehran reasserted its right to control shipping in the Strait of Hormuz on Friday, June 26.

    Still unconfirmed:

    • Nations are unleashing 400 million barrels of strategic oil reserves due to attacks on commercial ships.
    • Aramco has resumed oil loadings after a four-month halt.
    • Hormuz loadings are at the highest level since the war began.
    confidence 90%