Brent crude on track for 8% weekly drop on ceasefire deal
Oil prices are set for a significant weekly decline following a ceasefire agreement between Israel and Hezbollah and increased tanker traffic through the Strait of Hormuz. Analysts expect the deal to release 85 million barrels of stranded oil and eventually lead to the lifting of U.S. sanctions on Iranian exports.
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Brent Crude Oil is on track for an 8% weekly decline after Israel and Hezbollah agreed to a ceasefire. Prices stabilized midday Friday as tanker traffic through the Strait of Hormuz resumed following the diplomatic breakthrough. The de-escalation signals a potential end to the war-driven risk premium that has supported energy markets for months.
