Oil edges lower amid resumption of strait shipments even as vessel hit near Oman

Oil prices fell on Friday and are headed for steep weekly losses as easing supply concerns outweighed a cargo vessel hit near Oman on Thursday. More stranded tankers have exited the Strait of Hormuz, reducing immediate disruption risk and pressuring crude benchmarks lower.

Analysis

Oil prices fell on Friday and are headed for steep weekly losses as easing supply concerns outweighed a cargo vessel hit near Oman on Thursday. More stranded tankers have exited the Strait of Hormuz, reducing immediate disruption risk and pressuring crude benchmarks lower.