Oil falls to about $75 as Hormuz tanker traffic recovers
Business
Oil prices dropped to around $75 a barrel on Friday, as more tankers started moving through the Strait of Hormuz after months of tension and disruptions.
This follows a recent attack on a cargo ship near Oman, which briefly spiked prices and led to safety concerns in the region.
Hormuz traffic highest since U.S.-Israel-Iran conflict
Despite risks, shipments through this crucial waterway are now at their highest since February's U.S.-Israel-Iran conflict.
Even with some traffic still below normal, this rebound signals improving global supply.
Meanwhile, both Brent and WTI crude are set for weekly losses of about 7%, which could mean cheaper energy for importers but less revenue for oil-exporting countries.