Crude oil prices traded lower on Friday and headed for steep weekly losses, as supply concerns eased after more stranded oil tankers exited the Strait of Hormuz.
Brent crude futures declined 0.56%, to $74.84 a barrel, while US West Texas Intermediate dropped 0.50% to $71.56 a barrel.
Brent and WTI crude are both set for losses of nearly 7% this week.
In the previous session, both benchmark contracts rallied over 2% after a near Oman. Iranian authorities said the security of vessels passing outside designated Hormuz routes is not guaranteed, Reuters reported.
Strait of Hormuz Traffic Rises
Crude shipments through the Strait of Hormuz increased this week to their highest level since the began in February after a ceasefire deal reopened the waterway, data showed.
However, overall traffic remained a fraction of the daily average of 125 ships passing through the strait before the February 28 conflict began, Reuters reported.
Meanwhile, that happened on Thursday also raised supply concerns as the country’s vast oil, gas and refining infrastructure so far showed limited damage.
(With inputs from Reuters)