An oil tanker and cargo ship remain anchored off the coast of Port Sultan Qaboos in Muscat, Oman, on June 21, 2026.
Elke Scoliers | Getty Images
Oil prices widened their decline on Friday as more tankers departed the strategic Strait of Hormuz, easing supply concerns despite attacks on ships in the Gulf of Oman.
International benchmark Brent crude oil futures for August fell 3.2% to $72.83 per barrel, extending early losses, while U.S. West Texas Intermediate crude oil futures for August fell 3.2% to $69.62 per barrel.
brent crude oil
The decline comes as investors closely monitor developments in the Middle East, assessing whether recent diplomatic efforts will reduce the risk of supply chain disruption.
US officials told MS NOW that Iran was behind the attack on a cargo ship near the Omani coast in the Strait of Hormuz. The Wall Street Journal said the ship was flying the Singaporean flag. Britain’s Maritime and Trade Services Authority said there were no reports of casualties or environmental damage caused by the ship.
“Following the launch of the IMO evacuation plan, which has already resulted in the successful evacuation of several ships, we have decided to temporarily suspend the implementation of the plan to reaffirm that the necessary security continues to be ensured for ships on the evacuation list and for all vessels in the area,” said Arsenio Dominguez, Secretary-General of the International Maritime Organization.
Meanwhile, tensions in the Middle East remain high, with Iran and the United States at odds over the use of funds based on a memorandum of understanding between the two countries.
The speaker of Iran’s parliament earlier Thursday rejected the Trump administration’s claim that the Islamic Republic’s unfrozen assets would be used to buy U.S. agricultural products.
However, U.S. officials insisted that the funds released still required U.S. approval.
“Once Iranian assets are released, as Vice President J.D. Vance announced this week, they will be used to purchase U.S. agricultural products to feed the Iranian people,” a U.S. official said.
“There are still a lot of questions about the actual deal,” Scott Nations, president of Nations Index, told CNBC’s “Squawk Box Asia.”
“I think we’re being too optimistic because in reality nothing has been resolved and Iran knows that if it wants to close the Straits it can have the global economy it wants,” Nations added.
Meanwhile, OPEC faces the possibility of its second-largest producer leaving again after the United Arab Emirates left the cartel in May. Iraq has reportedly asked the cartel for increased production quotas and told the group it could leave if its demands are not met.
—CNBC’s Joseph Wilkins and Dan Mangan contributed to this report.
