Oil edges lower amid resumption of strait shipments even as vessel hit near Oman

Oil prices are heading for significant weekly declines as supply concerns ease with tankers resuming navigation through the Strait of Hormuz. Despite a cargo vessel strike near Oman implicating Iran and earthquakes in Venezuela causing minor infrastructure damage, crude shipments through the vital waterway have increased. Lingering geopolitical tensions and Venezuelan power outages could still impact future production.