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The Economic Times

Business

Oil falls as supply starts moving through Strait of Hormuz

Oil Strait of Hormuz Iran Lebanon

Oil prices fell on Friday on the prospect of more supply returning to the market after oil tankers began to move through the Strait of Hormuz following the signing of the U.S.-Iran interim peace deal.

Brent crude futures fell 54 cents, or 0.68%, to $78.31 a barrel as of 0146 GMT. U.S. West Texas ‌Intermediate crude slipped ⁠46 ⁠cents, or 0.60%, to $76.14 a barrel. The front-month July contract expires on Monday. The more actively traded August contract was at $75.06 a barrel, down 79 cents.

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