Oil down 2% amid resumption of Hormuz shipments even as vessel hit near Oman

Oil prices experienced a 2% decline as shipments resumed in the Strait of Hormuz, a critical global shipping route, although tensions spiked again when a vessel was reportedly hit near Oman. This drop in crude futures suggests markets are adjusting to the continued flow of oil despite regional tensions, but the incident near Oman underscores the persistent volatility in the area. The fluctuations in oil prices highlight the delicate balance between supply resumptions and geopolitical risks, which have significant implications for global economic stability and energy costs.