Oil Prices Plunge on Hormuz Shipping Hopes

Global oil prices extended their sharp losses on Friday as market optimism grew over smooth traffic flows through the Strait of Hormuz.

This positive sentiment easily offset investor anxieties surrounding the suspension of a United Nations evacuation programme.

The market reaction immediately dragged down key global energy benchmarks.

The price of Brent North Sea crude, the international standard, plunged more than five per cent to settle around $71.50 a barrel.

Simultaneously, the primary US contract, West Texas Intermediate, shed 4.5 per cent of its value to fall below $69.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.

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