Oil prices fall as Hormuz reopening hopes offset Iran tensions

Oil prices fell on Friday, posting steep weekly losses as traders weighed the potential reopening of the Strait of Hormuz and geopolitical tensions between the US and Iran. Brent crude futures settled at US$89.31 a barrel, while WTI crude fell to US$83.40. The decline was attributed to signs of a possible reopening of the strategic waterway, as well as comments from Federal Reserve Chairman Kevin Warsh indicating a possible rate hike to combat inflation.

The US-Israeli war with Iran, now in its sixth month, continues to heighten geopolitical risks, while oil shipments through the Strait of Hormuz show a tentative recovery, but remain uneven.

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