Oil prices dive as more tankers move through Strait of Hormuz

Oil prices fell sharply with Brent crude dropping 10.86% and WTI 9.62% for the week as more tankers moved through the Strait of Hormuz following a 60-day ceasefire deal. Saudi Aramco resumed oil loading at its Ras Tanura terminal after a nearly four-month halt, with analysts warning of imminent oversupply. Brent settled at $71.99 per barrel while WTI settled at $69.23 per barrel, down 4.34% and 3.74% respectively on the day.