Crude Oil Prices Tumble as Supply Risks Clash with Weakening Demand

Crude oil prices are falling, with Brent down about 5.3% for the week to around $89.45 a barrel as supply risks clash with weakening demand.

WTI, West Texas Intermediate, is near $83 and headed for a weekly decline of roughly 4.3%, according to Reuters.

The Strait of Hormuz shipping situation remains tense, with only seven visible commodity vessels crossing the waterway on Thursday, down from 17 a day earlier and below the 10-day average of 15.

However, traders are pricing in a greater chance that diplomacy could improve shipping conditions around the Strait of Hormuz, which is pressuring futures while actual flows remain constrained.