Oil edges lower amid resumption of strait shipments even as vessel hit near Oman

Oil prices are poised for significant weekly declines as supply worries ease with tankers navigating the Strait of Hormuz.

Despite a cargo vessel being struck near Oman, with Iran implicated, and earthquakes in Venezuela causing minor infrastructure damage, crude shipments through the vital waterway have increased.

However, lingering geopolitical tensions and power outages in Venezuela could still impact future production.