Oil Set for Fourth Weekly Decline as Hormuz Flows Rebound
Oil prices are under pressure and on track for a fourth straight weekly drop as increased flows through the Strait of Hormuz weigh on the market. ICE Brent crude continues to edge lower.
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The oil market is experiencing sustained selling pressure, heading for a fourth consecutive weekly decline. The downturn is attributed to a rebound in crude flows through the Strait of Hormuz, a key chokepoint for global oil shipments.
ICE Brent crude futures are moving closer to recent lows as the increased supply outlook dampens sentiment. Traders are monitoring the situation closely, with the resumption of normal traffic through the strait reducing geopolitical risk premiums.
Source: FXStreet Forex News