Oil prices dive as more tankers move through Strait of Hormuz

HOUSTON, June 26 (Reuters) - Crude prices fell by more than 3% on Friday, on course for steep weekly losses, as oil tankers kept exiting the Strait of Hormuz, easing supply concerns the day ‌after a cargo vessel was hit near Oman.

Brent crude futures settled at $71.99 a barrel, down $3.27, or 4.34%. ‌U.S. West Texas Intermediate finished at $69.23 a barrel, down $2.69 or 3.74%.

How did the Strait of Hormuz incident impact oil markets?

What are current oil supply and demand concerns?

Since the market closed last Thursday, the Brent benchmark fell 10.86%, while WTI fell ​9.62% for the week. The market closed for a public holiday last Friday.

"There is a growing sense that oil is going to keep moving through the Strait of Hormuz," said Phil Flynn, senior analyst with Price Futures Group.

Prior to the agreement on 60-day ceasefire, markets worried supplies would fall short of demand, but those fears seem to be passing.

"The predominant view, it ‌appears, remains one of imminent oversupply," said ⁠PVM analyst Tamas Varga.

"We're going to get a flood of oil," Flynn said. "I think we're going to see a huge flood of products."

Oil giant Saudi Aramco resumed oil loading on Friday ⁠

Fuente original: Yahoo Finance (https://finance.yahoo.com/energy/articles/oil-edges-lower-amid-resumption-010939251.html)