Oil markets trim gains as West Texas Intermediate dips under $76.00 on potential easing of Hormuz shipping restrictions.
West Texas Intermediate crude fell below $76.00 on Friday, reversing earlier gains as markets weighed discussions to reopen the Strait of Hormuz. The benchmark is set for a 10% weekly decline amid shifting geopolitical risks.
Prices had risen earlier in the week on supply concerns but retreated as reports emerged of negotiations to ease shipping restrictions in the critical chokepoint. Analysts noted the pullback reflects reduced risk premiums despite ongoing Middle East tensions.
Traders are monitoring developments closely, with the potential reopening of Hormuz seen as a key factor in near-term price movements.