Crude Oil Hits 17-week Low

Crude oil fell nearly 4% toward $69 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Meanwhile, US President Donald Trump accused Iran of violating a ceasefire by shooting drones at ships in Hormuz. Crude oil recorded an over 10% weekly drop, the largest in a month.

Crude Oil decreased to 68.86 USD/Bbl, the lowest since February 2026. Over the past 4 weeks, Crude Oil WTI lost 22.2%, and in the last 12 months, it increased 5.31%.

Crude oil fell nearly 4% toward $69 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Despite a temporary 2% price rebound on Thursday after the container ship Ever Lovely was struck by a projectile southeast of Oman, President Donald Trump confirmed the strait remains open and traffic has continued. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Crude oil recorded an over 10% weekly drop, the largest in a month.