Oil Prices Decline Despite Maritime Incident and Aramco Resumption

Crude oil prices fell by 2% on Friday, June 26, 2026, heading for sharp weekly losses amidst receding supply concerns. This decline occurred despite a cargo ship being hit near the Sultanate of Oman, and as more previously stranded oil tankers exited the Strait of Hormuz. Brent crude futures decreased by $1.43 to $73.83 per barrel by 07:48 AM Baghdad time, while US West Texas Intermediate (WTI) crude dropped by $1.45 to $70.47 per barrel. Concurrently, Saudi Aramco resumed oil loading operations at its Ras Tanura terminal overlooking the Gulf on Friday, following a halt of approximately four months, according to LSEG shipping data.