Oil Prices Plummet Amid Supply Surge

Oil prices plummeted Friday as confidence surged that oil flows through the Strait of Hormuz remain unimpeded, sparking fears of an oversupply. Brent crude fell 4% to $71.99, while WTI dropped nearly 10% to $69.23, marking steep weekly losses. Saudi Aramco’s return to loading at Ras Tanura—after a four-month pause—fueled the sell-off, alongside sluggish Chinese demand. Meanwhile, tensions flared after a vessel was struck near Oman, with U.S. blaming Iran, though crude shipments through the strait hit a post-February high. Complicating the scene, Russia may soon ban diesel exports amid refinery damage from Ukrainian drones. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/a5e6f7f4878bbb3c