Oil drilling rigs
Oil prices fell on Friday and were on track to post weekly losses of nearly 8% as supply concerns eased after several oil tankers stranded in the Strait of Hormuz resumed their voyages, offsetting the impact of an attack on a cargo ship off the coast of Oman. 
Benchmark crude futures had climbed more than 2% on Thursday after a cargo vessel was struck by an unidentified projectile near Oman, prompting the United Nations shipping agency to suspend its voluntary evacuation program pending additional safety assurances.
Iranian authorities also said the safety of vessels sailing outside designated shipping lanes in the Strait of Hormuz could not be guaranteed, according to Reuters.
Benchmark Crude futures
Crude
Price ($/bbl)
Change ($)
Change (%)
Brent crude (August)
73.70
(1.56)
(2.10%)
West Texas Intermediate (August)
70.37
(1.55)
(2.15%)
Markets are also awaiting the latest US oil and gas rig count from Baker Hughes later on Friday for further clues on the outlook for US crude supply.
Oil drilling rigs
Oil prices fell on Friday and were on track to post weekly losses of nearly 8% as supply concerns eased after several oil tankers stranded in the Strait of Hormuz resumed their voyages, offsetting the impact of an attack on a cargo ship off the coast of Oman.
Benchmark crude futures had climbed more than 2% on Thursday after a cargo vessel was struck by an unidentified projectile near Oman, prompting the United Nations shipping agency to suspend its voluntary evacuation program pending additional safety assurances.
Iranian authorities also said the safety of vessels sailing outside designated shipping lanes in the Strait of Hormuz could not be guaranteed, according to Reuters.
Benchmark Crude futures
Crude
Price ($/bbl)
Change ($)
Change (%)
Brent crude (August)
73.70
(1.56)
(2.10%)
West Texas Intermediate (August)
70.37
(1.55)
(2.15%)
Markets are also awaiting the latest US oil and gas rig count from Baker Hughes later on Friday for further clues on the outlook for US crude supply.
