- media@moneyinfocus.news
Crude oil prices extended their decline on Friday, with Brent falling nearly 4% to around $69 per barrel, its lowest level since February 27, as shipping activity through the Strait of Hormuz accelerated and concerns over supply disruptions continued to ease.
The decline reflects improving confidence that one of the world’s most critical energy chokepoints will remain open following diplomatic progress toward a peace agreement between the United States and Iran.
Shipping volumes through the Strait of Hormuz increased sharply as commercial vessels resumed normal transit through the waterway after weeks of heightened geopolitical tension.
The recovery in maritime traffic has helped restore Persian Gulf crude exports to approximately 75% of pre-conflict levels, easing fears of prolonged supply disruptions that had supported oil prices earlier this month.
Saudi Arabia has begun loading crude tankers at its Ras Tanura export terminal, one of the world’s largest oil-loading facilities, signaling a significant increase in regional exports.
Other major Gulf producers—including the United Arab Emirates, Kuwait, and Qatar—are also expanding production and exports, although shipping companies continue to report tight tanker availability as additional cargoes enter the market.
Meanwhile, Iraq is reportedly seeking a higher production quota within OPEC to recover export volumes lost during the conflict.
Oil briefly rebounded nearly 2% on Thursday after the container ship Ever Lovely was struck by a projectile southeast of Oman, raising temporary concerns about regional maritime security.
However, the recovery proved short-lived after U.S. President Donald Trump stated that the Strait of Hormuz remains open to commercial navigation. Shipping activity continued without significant interruption, reinforcing expectations that global energy flows would remain largely intact.
With geopolitical risk premiums fading and Gulf exports recovering, crude prices are now on track for a weekly decline of roughly 10%, marking the steepest weekly drop in about a month.
