Crude oil prices fall as shipments through Strait of Hormuz resume; Brent oil below $75 a barrel

Crude oil prices declined on Friday, with Brent crude falling 0.56 percent to $74.84 per barrel and US West Texas Intermediate dropping 0.50 percent to $71.56 per barrel. Both benchmarks are set for weekly losses of nearly 7 percent as supply concerns eased after stranded oil tankers exited the Strait of Hormuz following a ceasefire deal that reopened the waterway. Meanwhile, earthquakes in Venezuela raised fresh concerns about supply disruption from the country's vast oil infrastructure.