LONDON, June 26 (Alliance News):Global crude oil prices declined around 2% on Friday as concerns over supply disruptions eased after more stranded oil tankers successfully exited the Strait of Hormuz.
Despite a cargo vessel being hit near Oman earlier in the week, markets reacted to improving shipping flows and weaker demand signals.
Brent crude futures fell $1.47, or 1.95%, to $73.79 per barrel, while US West Texas Intermediate (WTI) dropped $1.44, or 2%, to $70.48 per barrel. Both benchmarks were heading toward weekly losses of nearly 8%.
Saudi Aramco resumed crude oil loading operations at its Ras Tanura terminal in the Gulf after a nearly four-month pause, according to shipping data. Two Very Large Crude Carriers (VLCCs), each capable of carrying around 2 million barrels, were reported loading oil at the facility.
Oil market analysts said the decline reflected improving supply conditions as vessels moved out of the Strait of Hormuz, while demand from China remained weaker than expected.
“Much of the recent increase in shipping activity is linked to previously stranded vessels leaving the Persian Gulf,” analysts said, warning that flows could slow once those vessels complete their journeys.
Oil prices had briefly risen earlier after reports that a cargo ship was struck by an unknown projectile near Oman, raising fresh concerns over the security of one of the world’s most important oil routes. The Strait of Hormuz remains a critical pathway for global energy supplies.
Meanwhile, earthquakes in Venezuela also created market uncertainty, though initial assessments indicated limited damage to major oil fields, refineries, pipelines, and export terminals.
However, power shortages have raised concerns over whether Venezuela can maintain output levels close to 1.2 million barrels per day.
