EL7.AI
CommoditiesMedium•26 June 2026•
1 min read

Oil falls as Hormuz traffic resumes despite strike near Oman

Key Facts

1Oil prices fell on Friday morning heading for steep weekly losses as supply concerns eased with stranded tankers resuming Strait of Hormuz transit, despite a cargo vessel being hit near Oman.

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 $71.92 per barrel on June 25, trading between $68.90 and $72.50 during the session. Brent crude (BZ) closed at $77.08 per barrel on June 23. The focus remains on the return of supplies through the vital chokepoint.

At the last close on June 25, CL was at $71.92, with a daily range between $68.90 and $72.50. 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.