Business & Finance
Oil Set for Deep Weekly Loss as Hormuz Traffic Starts to Pick Up
Key Points
Oil Set for Deep Weekly Loss as Hormuz Traffic Starts to Pick Up Oil headed for a substantial weekly drop as the US-Iran interim peace deal saw shipping through the Strait of Hormuz start to return to normal, easing the global crude market’s biggest ever supply shock. West Texas Intermediate steadied near $77 a barrel, trading near the lowest since early March after tumbling by almost 10% this week. Ships carrying stranded oil began making their way out of the waterway on Thursday, while...
Oil Set for Deep Weekly Loss as Hormuz Traffic Starts to Pick Up
Oil headed for a substantial weekly drop as the US-Iran interim peace deal saw shipping through the Strait of Hormuz start to return to normal, easing the global crude market’s biggest ever supply shock.
West Texas Intermediate steadied near $77 a barrel, trading near the lowest since early March after tumbling by almost 10% this week. Brent was below $80. Ships carrying stranded oil began making their way out of the waterway on Thursday, while Kuwait said it will start ramping up production.