Oil Futures Fall as Hormuz Traffic Resumes, Brent Nears 4% Weekly Loss

Oil prices are poised for a significant weekly decline following the resumption of traffic through the Strait of Hormuz, alleviating immediate supply disruption fears. Brent crude futures (LCOc1) and U.S. West Texas Intermediate (WTI) crude futures (CLc1) both saw declines on Friday, June 19, 2026. Brent crude futures traded down 0.5% at $81.50 per barrel, set for a weekly loss exceeding 4%. WTI crude futures fell 0.6% to $77.50 per barrel, heading for a weekly decline of over 3%. Earlier in the week, prices surged due to heightened geopolitical tensions in the Middle East, specifically concerns over potential disruptions to shipping in the critical Strait of Hormuz after Iranian-backed Houthi attacks on vessels in the Red Sea. The current easing reflects successful efforts by the U.S. and its allies to secure maritime routes.