Oil Prices Decline Despite Vessel Attack Near Oman

Oil prices declined on Friday, nearing late February levels, despite a vessel attack near Oman that raised security concerns in the Strait of Hormuz. The fall was attributed to easing supply concerns, with Brent crude dropping towards $72 a barrel and WTI crude futures falling to $69.20. This occurred as Iraq denied reports of withdrawing from OPEC and Middle Eastern producers increased output.