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Crude oil fell nearly 4% toward $69 a barrel on Friday, its lowest level since February 27, as traffic through the Strait of Hormuz picked up pace. Shipping volumes surged as vessels began openly transiting the waterway following progress toward a US–Iran peace deal, lifting Persian Gulf exports back to roughly 75% of prewar levels.
In a key development, Saudi Arabia resumed loading tankers at its Ras Tanura terminal, signaling a substantial ramp-up in regional output. Other Middle Eastern producers — including the United Arab Emirates, Kuwait, and Qatar — are also increasing supply, even as they struggle to secure enough tankers to move the additional crude. Iraq, for its part, is seeking a higher OPEC production quota to offset the oil sales it lost during the conflict.
At the same time, US President Donald Trump accused Iran of breaching a ceasefire by launching drones at ships in the Strait of Hormuz. For the week, crude oil posted a decline of more than 10%, its steepest weekly loss in a month.
