Oil on track for sharp weekly loss as Strait of Hormuz traffic improves | The National

Sailors on a cargo vessel near Oman's Port Sultan Qaboos. Traffic at the Strait of Hormuz has improved, but safety concerns remain. Getty ImagesSailors on a cargo vessel near Oman's Port Sultan Qaboos. Traffic at the Strait of Hormuz has improved, but safety concerns remain. Getty ImagesAnalysts say return to normal supply levels will take more time due to tanker queues and safety guarantees

Brent crude and WTI are on track for weekly losses of nearly 10 per cent and 8.5 per cent, respectively, amid easing supply concerns.

Shipping traffic through the Strait of Hormuz is steadily improving, with millions of barrels loaded on tankers now able to exit the Gulf.

Saudi Aramco resumed oil loading operations at its Ras Tanura terminal after an almost four-month halt, while UAE exports recovered to nearly 85 per cent of pre-war levels.

US record exports and the release of strategic reserves in OECD countries have kept Asian and European markets better stocked, adding to supply easing.