Crude oil prices fall nearly 2% on easing supply concerns

Crude oil prices fall nearly 2% on easing supply concerns

Crude oil prices witnessed a nearly 2% decline on Friday, heading for a sharp weekly loss.

The drop is mainly due to easing concerns over supply disruptions, with more stranded oil tankers resuming movement through the Strait of Hormuz.

Brent crude futures fell by $1.47 or 1.95%, to $73.79 per barrel at 4:21am GMT while US West Texas Intermediate (WTI) crude dropped by $1.44 or 2%, to $70.48 a barrel.

Hopes for US-Iran deal lower oil market

The fall in crude oil prices is largely due to rising hopes of a potential deal between Washington and Tehran.

Such an agreement could pave the way for more Iranian crude exports, thereby reducing risks to oil shipments through the Strait of Hormuz, a vital artery for global crude trade.

Increased tanker traffic through Strait of Hormuz