Commodities
Hormuz Flows Ease Oil Price Pressures as OPEC+ Output Increase Looms
Oil prices dropped over $1 on Friday due to improving crude shipments through the Strait of Hormuz and an upcoming OPEC+ production increase.
The decline in Brent crude was $1.03, or 1.2%, to $88.00 a barrel, while US West Texas Intermediate (WTI) fell by $1.50, or 1.8%, to $82.09.
Despite the daily drop, both benchmarks remain on track for monthly gains of around 20%, reflecting sustained geopolitical risk premiums built into energy markets.
The recovery in shipping activity has helped offset the geopolitical premium that drove crude prices above $100 a barrel earlier in the conflict.