Global crude oil prices eased on Friday as reports indicated a sharp recovery in tanker traffic through the Strait of Hormuz, easing concerns over supply disruptions in one of the world’s most critical energy corridors.
The international benchmark Brent crude declined by more than 2%, trading near $73.73 per barrel during Asian trading hours.
Despite this fall, prices remained slightly higher than Thursday’s levels, when crude had dropped to pre-conflict territory for the first time since tensions escalated in West Asia.
For reference, Brent crude had closed at $72.48 per barrel in February, just before the US and Israel launched military actions against Iran, which triggered volatility in global energy markets.
The US benchmark West Texas Intermediate (WTI) also fell by 2.13%, trading around $70.39 per barrel on Friday.
The downward pressure on oil prices this week has been driven by a combination of improving geopolitical sentiment and rising supply flows.
Diplomatic progress between the US and Iran has reduced fears of prolonged disruption in the Gulf region, while physical oil shipments have started moving more freely.
According to reports, Saudi Aramco has resumed oil loading operations at its Ras Tanura terminal after nearly four months of suspension.
The facility, considered the world’s largest oil port, has seen renewed activity with two Very Large Crude Carriers (VLCCs) operated by Saudi shipping company Bahri loading crude, while another vessel awaited clearance. Each VLCC has a capacity of around 2 million barrels.
As conditions improve in the Strait of Hormuz, the International Maritime Organization (IMO) has also initiated efforts to evacuate more than 11,000 sailors stranded in the region due to earlier disruptions.
However, geopolitical risks have not completely eased. Israel continues its military operations in southern Lebanon, with Prime Minister Benjamin Netanyahu stating that Israeli forces will not withdraw from occupied positions.
Hezbollah, meanwhile, has accused Israel of targeting civilians in southern Lebanon, resulting in casualties.
Despite these tensions, diplomatic channels between the US and Iran are reportedly working on mechanisms to de-escalate the wider regional conflict, particularly in Lebanon.
Market participants remain watchful as oil supply stability continues to depend heavily on geopolitical developments.