Hormuz Shipping Recovery and Warsh Hawkish Remarks Weigh on Oil Prices

Oil prices fell on the 28th due to expectations that crude oil transportation through the Strait of Hormuz would recover. This was compounded by hawkish remarks from Federal Reserve Chair Kevin Warsh, who emphasized that the Fed 'has work to do' unless it is confident that inflation is slowing toward its target.

According to data analysis, a gradual increase in crude oil shipping volumes through the Strait drove prices down. Yaniv Shah, an analyst at Rystad, attributed this week's decline in oil prices to the volume of crude oil that can exit the Strait and the increasing pace of shipping traffic.