financetom
World
financetom
/
World
/
Oil edges lower amid resumption of strait shipments even as vessel hit near Oman
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Oil edges lower amid resumption of strait shipments even as vessel hit near Oman
Jun 25, 2026 6:40 PM

BEIJING, June 26 (Reuters) - Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.

Brent crude futures fell 19 cents, or 0.25%, to $75.07 a barrel as of 0055 GMT, while U.S. West Texas Intermediate fell 13 cents, or 0.18%, to $71.79 a barrel.

Both benchmark contracts jumped more than 2% on Thursday after a cargo vessel was hit by an unknown projectile near Oman, prompting the U.N.'s shipping agency to suspend its voluntary evacuation scheme.

Two U.S. officials told Reuters that Iran fired on the cargo ship as it attempted to pass through the strait. Iranian authorities said the security of vessels passing outside designated Hormuz routes is not guaranteed.

"With the geopolitical risk premium once again creeping back into prices, markets will be watching intently to see if tanker traffic resumes or if these latest hurdles force producers to tap the brakes on planned production increases," said IG analyst Tony Sycamore.

Brent and WTI crude are both set for losses of close to 7% this week.

Data showed on Thursday that crude shipments through the Strait of Hormuz rose this week to their highest level since the U.S.-Israeli conflict with Iran began in February after a ceasefire deal reopened the waterway, while concerns about how long the strait would stay open also boosted trade.

However, overall traffic remain a fraction of the daily average of 125 ships passing through the strait before the February 28 conflict began.

Meanwhile, earthquakes in Venezuela that happened on Thursday also raised supply concerns.

Preliminary assessments by workers of Venezuela's vast oil, gas and refining infrastructure so far showed limited damage, as most of the country's largest output regions, refineries, pipelines and terminals are far from the hardest-hit areas.

Still, a lack of power has cast doubt on whether oil output can be sustained at its pre-earthquake level of close to 1.2 million barrels per day, sources said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
GLOBAL MARKETS-Stocks rise as Alphabet gains after results; gold hits record high
GLOBAL MARKETS-Stocks rise as Alphabet gains after results; gold hits record high
Oct 31, 2024
* U.S. stocks higher * UK shares fall as govt unveils new budget * Gold hits record high in risk-off mood * Bitcoin nears record high (Updates to midday) By Caroline Valetkevitch NEW YORK Oct 30 (Reuters) - Global stock indexes mostly inched higher on Wednesday after upbeat results from Google parent Alphabet, while gold prices rose to a record...
Japan's Nikkei trades higher after three sessions of falls
Japan's Nikkei trades higher after three sessions of falls
Oct 31, 2024
TOKYO, Oct 24 (Reuters) - Japan's Nikkei share average inched higher on Thursday after three straight sessions of falls, with market participants focussing on the upcoming lower house election. The Nikkei had risen 0.19% to 38,177.51 by 0130 GMT, after earlier falling to its lowest since Oct. 2 at 37,712.19. Local media have reported that the ruling Liberal Democratic Party...
Euro zone bond yields dip before PMIs
Euro zone bond yields dip before PMIs
Oct 31, 2024
LONDON, Oct 24 (Reuters) - Euro zone government bond yields edged lower on Thursday as investors awaited business activity data that could confirm the region's sluggish growth and potentially justify a pick-up in the pace of European Central Bank rate cuts. Traders are fully pricing a 25 basis point (bp) rate cut from the ECB in December, and around a...
GLOBAL MARKETS-Asian stocks dragged by tech, yen gains on BOJ's hawkish hints
GLOBAL MARKETS-Asian stocks dragged by tech, yen gains on BOJ's hawkish hints
Oct 31, 2024
* BOJ holds rates as expected, yen a fraction firmer * Nikkei down slightly, US and European futures dip * All eyes on Apple ( AAPL ) and Amazon ( AMZN ) earnings updates (Updates prices at 0620 GMT) By Kevin Buckland TOKYO, Oct 31 (Reuters) - Asian stocks slid on Thursday as chip-sector stocks tracked overnight declines by Wall...
Copyright 2023-2026 - www.financetom.com All Rights Reserved