Oil Prices Heads for Fourth Weekly Loss as Strait of Hormuz Traffic Recovers

Global crude oil prices remained under pressure on Friday, with the market on course for a fourth consecutive weekly decline as improving oil flows through the Strait of Hormuz continued to ease supply concerns that had driven prices sharply higher during the recent Middle East conflict. Although both major benchmarks posted modest gains in early Asian trading, sentiment remained largely bearish as traders assessed the return of Gulf exports.