Oil falls as supply starts moving through Strait of Hormuz
Key takeaways
- Brent crude futures fell 54 cents, or 0.68%, to $78.31 a barrel as of 0146 GMT.
- Both benchmarks touched their lowest since early March on Thursday as several tankers, including three Saudi-flagged vessels with 6 million barrels of crude onboard, sailed through the strait hours after U.S.
- Analysts expect the deal to release more than 85 million barrels of oil stranded in the Middle East Gulf into global markets.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices fell on Friday on the prospect of more supply returning to the market after oil tankers began to move through the Strait of Hormuz following the signing of the U.S.-Iran interim peace deal.
Brent crude futures fell 54 cents, or 0.68%, to $78.31 a barrel as of 0146 GMT. U.S. West Texas Intermediate crude slipped 46 cents, or 0.60%, to $76.14 a barrel. The front-month July contract expires on Monday. The more actively traded August contract was at $75.06 a barrel, down 79 cents.
Both benchmarks touched their lowest since early March on Thursday as several tankers, including three Saudi-flagged vessels with 6 million barrels of crude onboard, sailed through the strait hours after U.S. President Donald Trump signed a deal with Iran to end their war.