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Global oil prices fell sharply on Friday, extending weekly losses as crude exports through the Strait of Hormuz gradually resumed, easing fears of prolonged supply disruptions despite a fresh maritime security incident near Oman. Brent crude dropped nearly 2% to $73.76 per barrel, while US West Texas Intermediate (WTI) crude also declined around 2% to $70.43 per barrel during trading. The decline reflected growing market confidence that oil supplies from the Gulf were beginning to recover after months of disruption. Saudi Arabia’s state-owned energy company resumed crude loading operations at the Ras Tanura export terminal after a suspension of almost four months. Shipping data indicated that two very large crude carriers were loading oil at the terminal, with another tanker waiting offshore, signalling a gradual restoration of export activity. Market analysts said traders were reacting positively to the increase in tanker movements through the Strait of Hormuz, one of the world’s most important energy corridors. However, they noted that crude demand from China remains weaker than expected, adding downward pressure on prices. The market had briefly rallied a day earlier after a commercial cargo vessel was struck by an unidentified projectile near Oman, prompting the United Nations’ shipping agency to suspend its voluntary evacuation programme in the area. US officials later alleged that Iranian forces had fired on the vessel as it attempted to transit the strait, while Iranian authorities maintained that security could not be guaranteed for ships operating outside designated navigation routes. Although oil shipments through the Strait of Hormuz have reached their highest level since the outbreak of the US-Israel-Iran conflict in February, overall maritime traffic remains well below normal levels recorded before the crisis. Analysts observed that much of the recent increase in tanker traffic reflects vessels that had been stranded during the conflict finally leaving the Persian Gulf. They cautioned that inbound shipping remains limited, suggesting export flows could slow again once the backlog of delayed vessels has cleared. Adding another layer of uncertainty, earthquakes in Venezuela raised fresh concerns about global oil supplies. Initial assessments indicated that the country’s major oilfields, refineries and export facilities escaped significant damage because they were located away from the hardest-hit regions. Nevertheless, widespread power outages have created uncertainty over whether Venezuela can maintain crude production near its recent level of approximately 1.2 million barrels per day. Despite ongoing geopolitical tensions and supply risks, the resumption of Gulf oil exports outweighed immediate concerns, leaving both Brent and WTI crude on course for weekly losses of around eight percent.