Oil Heads for Weekly Loss as Hormuz Tanker Traffic Rebounds
AI Summary
Crude oil prices experienced a weekly loss despite an Iranian strike on a commercial vessel in the Strait of Hormuz. Tanker traffic in the Strait rebounded strongly, supporting optimism about oil shipments despite regional tensions.
Crude oil prices were on course for a sharp weekly loss amid multiple reports about a strong rebound in tanker traffic in the Strait of Hormuz. At the time of writing, Brent crude was trading at $73.78 per barrel, and West Texas Intermediate was changing hands for $70.53, even after the news of an Iranian strike on a commercial vessel in Hormuz that, Tehran suggested, had used a route not approved by the Iranian authorities. The strike promoted a 2% reversal in oil price movement, but it was not enough to quash optimism about tanker traffic overall.…