Crude oil markets closed a volatile week with steep losses as shipping traffic through the Strait of Hormuz returned to near-normal levels.
The resumption of flows effectively dismantled the supply disruption fears that had propped up prices following recent military strikes by the US on Iranian targets.
99 a barrel, marking a 10% decline for the week, while US West Texas Intermediate (WTI) fell to $70.
Brent crude settled at $71.99 a barrel, marking a 10% decline for the week, while US West Texas Intermediate (WTI) fell to $70.48.
The sharp sell-off reflects a rapid repricing of route risk rather than a fundamental shift in global supply-demand dynamics.
The market reaction underscores how heavily traders had loaded a geopolitical premium into energy contracts.
With tanker movements accelerating through the chokepoint, the immediate threat of a supply bottleneck has receded.