Trump's Strait of Hormuz Comments Weigh on Crude Oil Prices

Crude oil prices declined on Friday after US President Donald Trump said the Strait of Hormuz remained open and tankers were continuing to carry oil, boosting expectations of higher supply.

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

The decline in oil prices came after reports on Thursday that Venezuela was considering leaving the Organisation of the Petroleum Exporting Countries (OPEC), raising concerns about the impact on production coordination within the group.

Trump's comments that the Strait of Hormuz was open and under US control put downward pressure on oil prices, as he said 24 tankers had passed through the waterway overnight and that tanker traffic was continuing. This eased concerns that disruptions to traffic could further tighten global supplies.