Brent and WTI crude retreat despite an Iranian vessel strike, as tanker traffic in the Strait of Hormuz rebounds sharply.
Crude oil prices headed for a weekly loss as tanker traffic in the Strait of Hormuz rebounded, easing supply concerns. Brent crude traded at $73.78 per barrel, while West Texas Intermediate fetched $70.53, down from earlier levels.
The decline followed reports of increased shipping activity in the key chokepoint, offsetting the impact of an Iranian strike on a commercial vessel. The strike caused a brief 2% price reversal but failed to sustain upward momentum.
Markets focused on the broader recovery in tanker flows, which overshadowed geopolitical tensions in the region.