The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid easing supply concerns, oil prices fell on Friday morning heading for steep weekly losses as stranded tankers resumed transit through the Strait of Hormuz, despite a cargo vessel being hit near Oman on Thursday. The decline came despite the security incident, which did not materially affect supply flows.
According to market data, West Texas Intermediate (CL) crude closed at $91.06 per barrel on June 25, trading between $90.67 and $92.70 during the session. Brent crude (BZ) closed at $13.14 per barrel on June 23 (note: data shows an unusual low that may be a data error). The focus remains on the return of supplies through the vital chokepoint.
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Sign InAt the last close on June 25, CL was at $91.06, with a daily range between $90.67 and $92.70. Traders are monitoring developments in the Strait of Hormuz and any potential attacks that could disrupt traffic again. Global economic data, such as PMI readings, also remain in focus to assess oil demand.