Oil Prices Fall as Trump Eases Strait of Hormuz Concerns

Oil prices fell on Friday after US President Donald Trump said the Strait of Hormuz remained open and tanker traffic was continuing, easing concerns about disruptions to supply.

The Brent crude futures for November delivery traded at $87.94 per barrel, down 0.7% from the previous close of $88.52, while West Texas Intermediate (WTI) crude futures for October delivery traded at $82.79 per barrel, down 0.9% from $83.53.

The price drop came after reports that Venezuela was considering leaving OPEC, raising concerns about production coordination within the group and adding uncertainty to oil prices.

Trump's comments on the Strait of Hormuz also put downward pressure on oil prices, as he said 24 tankers had passed through the waterway overnight and tanker traffic was continuing. However, Iran's Supreme National Security Council Secretary Mohsen Rezaei warned that Tehran would target US military and economic interests if Washington continued its naval blockade.