2026.06.2523:42:59UTC+00Oil Resumes Decline After Hormuz Incident

Crude oil slipped back below $72 per barrel on Friday, surrendering part of the previous session’s gains as investors weighed an increase in shipping traffic through the Strait of Hormuz against renewed security risks. The pullback came after a vessel was struck by an unidentified projectile off the coast of Oman, an incident that reignited concerns over maritime safety and stoked fears that Iran might tighten its grip on traffic through the vital chokepoint.

The attack prompted several commercial ships to alter course or turn back, raising the risk of a setback to recent progress achieved through US‑Iran diplomatic efforts. Washington and Tehran are still working toward a permanent agreement to resolve the conflict, though negotiations on core issues, including nuclear policy, are expected to be protracted.

Despite the latest disruption, oil shipments from the Persian Gulf through the Strait of Hormuz have accelerated to their fastest rate since the start of the war. Producers in the Middle East are stepping up output even as they struggle to secure a sufficient number of tankers to move the additional barrels. WTI crude remains on course for a third consecutive weekly decline.