Oil on track to post weekly loss as supply outlook improves on Iran deal (opens original article in a new tab)

Oil prices declined as the US-Iran deal eased tensions, leading to increased supply expectations and improved Strait of Hormuz traffic.

• Oil prices fell on Friday, tracking a weekly loss due to expected increased supply from the US-Iran deal.
• Strait of Hormuz saw 25 ship crossings on Thursday, with LNG and oil tankers departing after the conflict ended.
• Kuwait plans to increase output to 2 million barrels per day as the Strait reopens, while Iraq prepares to resume production.