Oil Prices Plummet as Strait of Hormuz Loadings Surge

Crude oil prices plummeted on Friday by over 3% to $72.65 per barrel for Brent and $69.46 for WTI, setting the stage for a significant weekly decline of about 9.8% for Brent and 9.3% for WTI.

The sudden drop in prices is attributed to easing supply concerns as more oil tankers exit the Strait of Hormuz, despite a recent incident involving a cargo vessel being hit near Oman.

Aramco resumed oil loadings at its Ras Tanura terminal in the Gulf after a four-month halt, with two Very Large Crude Carriers loading crude at the terminal and another waiting nearby.