Brent Crude Falls as Traders Downgrade Iran Supply Threat

Brent crude oil prices fell to $89.3 a barrel on Friday, marking a decline of over 5% for the week.

Traders are increasingly viewing the Iran situation as an economic and sanctions confrontation rather than an imminent threat to physical supply.

The improved flows through Hormuz and the proposed Iran, Oman corridor have reduced the perceived supply risk, according to analysts.

Goldman Sachs estimated that Persian Gulf oil exports have climbed to around 15-16 million barrels per day, still below pre-conflict volumes but above the March low of about 5-6 million barrels.