Oil prices dip as Indian tanker exits Strait of Hormuz
Oil prices fell Friday as an Indian tanker exited the Strait of Hormuz and the U.S. eased rules on Russian oil. Benchmarks remain on track for weekly gains.
Oil prices experienced a slight pullback on Friday as an oil tanker flagged by India successfully navigated out of the Strait of Hormuz. Despite the intraday dip, crude benchmarks remained on course for significant weekly gains as geopolitical tensions in the Middle East continued to disrupt global supply chains. Brent futures for May delivery fell 63 cents, or 0.6%, to $99.83 a barrel, while U.S. West Texas Intermediate (WTI) for April dropped $1.29, or 1.4%, to $94.44 a barrel.
The movement of the Indian vessel, which was carrying gasoline destined for Africa, provided a brief moment of relief for a market rattled by the closure of critical maritime routes. However, analysts cautioned against over-optimism regarding the accessibility of the waterway.
