Brent and WTI Crude Slide as Hormuz Shipping Rebounds and Middle East Supply Fears Ease

International crude benchmarks recorded steep losses on Friday, as traders grew less anxious about possible supply shocks stemming from the Middle East.

Brent futures fell by more than four per cent, trading near US$72 per barrel. West Texas Intermediate declined by roughly three per cent, settling at around US$69 per barrel.

The pullback coincided with a rise in tanker movement through the Strait of Hormuz, one of the world's most vital oil shipping corridors. Traffic through the waterway has climbed to its strongest level since conflict involving Iran intensified in February.

Higher volumes on the route have helped ease concerns about broad disruptions to global oil supplies, even after a vessel was attacked recently in the Gulf of Oman. Market analysts, however, caution that significant risks remain.