Strait of Hormuz loadings at their highest level since war began, as overall traffic remains a fraction of the daily average
Ships and boats in the Strait of Hormuz, Musandam, Oman, on May 1, 2026 (Photo: Reuters)
NEW DELHI — Crude prices sank 2% on Friday and were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.Brent crude futures fell US$1.47, or 1.95%, to $73.79 a barrel as of 0421 GMT, while US West Texas Intermediate fell $1.44, or 2%, to $70.48 a barrel.
Refining giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed. Two Very Large Crude Carriers were seen loading crude at the terminal, while another waited nearby, the data showed. Each VLCC can load 2 million barrels of oil.
"There is a general selloff as the market reacts to the increased flows exiting the Strait of Hormuz and China not yet picking up crude demand," said June Goh, senior oil market analyst at Sparta Commodities.
