Oil prices dive as more tankers move through Strait of Hormuz

Predictions are that there could soon be an oversupply of oil

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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.

Since the market closed last Thursday, the Brent benchmark fell 10.86%.

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

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