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🛒 تسوق الآنBrent Crude Drops to $71.99 per Barrel With Over 10% Weekly Losses
Oil prices shed more than 10% in a single week as fears over Strait of Hormuz supply disruptions ease and tanker traffic resumes normal operations
Brent crude fell to $71.99 per barrel on Friday, marking its lowest settlement since February 27 and recording weekly losses exceeding 10.65%, down from $80.57 per barrel at the close of last week's trading, according to data reported by Al-Bayan and confirmed by Fawasel Media.
Weekly Losses Hit Double Digits
The steep weekly decline reflects a rapid shift in market sentiment. Just days ago, traders were pricing in potential supply interruptions through the Strait of Hormuz — the world's most critical oil transit chokepoint. Now, with tanker traffic resuming normal passage and supply fears easing, oil markets have reversed course sharply.
Futures contracts for Brent crude shed approximately 4% in a single session, accelerating a downtrend that has now wiped more than $8.50 per barrel from prices in just five trading days. Trading volumes surged as vessels sailed freely through the waterway after weeks of heightened geopolitical tension.
Key Facts at a Glance
- Brent crude Friday settlement: $71.99 per barrel — lowest since February 27
- Previous week closing price: $80.57 per barrel
- Weekly loss: 10.65% — the steepest weekly decline in recent months
- Single-session drop: Approximately 4% in latest trading
- Price drop magnitude: Over $8.50 per barrel lost in one week
- Primary driver: Easing supply fears as Strait of Hormuz tanker traffic normalizes
Strait of Hormuz Shipping Resumes Normal Flow
The decline accelerated after reports confirmed that oil tankers had resumed sailing through the Strait of Hormuz without significant disruption. The narrow waterway, which carries roughly 20% of global daily oil supply, had been at the center of supply anxiety in recent weeks. As shipping activity normalized and vessel movements returned to regular patterns, the risk premium embedded in crude prices began to unwind rapidly.
Market analysts noted that the easing of tensions removed the primary catalyst that had been supporting higher prices. Shipping data showed increased tonnage passing through the strait, reinforcing the view that physical supply chains remained intact and reliable.
What This Means for Libya and Libyan Consumers
For Libya, a 10% weekly drop in global oil prices carries significant implications. Libya's national budget depends on oil revenues for more than 90% of government income, and the country has been working to stabilize production levels after years of disruption caused by conflict and infrastructure damage.
While lower global prices may reduce Libya's export earnings in the short term, the decline also signals improved stability in global shipping routes — a positive development for Libya's own oil exports, which must pass through Mediterranean and Atlantic shipping lanes to reach international markets. The resumption of normal traffic through the Hormuz strait removes a major source of uncertainty that has clouded energy markets for weeks.
Libyan energy sector observers note that the country's production costs remain among the lowest globally, meaning Libya can remain profitable even at lower price points. However, sustained prices below $75 per barrel could complicate budget planning for the coming quarter.
Market Outlook: Eyes on Next Week's Trading
Traders and analysts will be watching next week's sessions closely for signs of whether the sell-off has stabilized or if further declines are ahead. Key factors to monitor include official production reports from major OPEC nations, weekly inventory data, and any renewed developments in geopolitical hotspots affecting tanker routes.
For now, the return to normalcy in global shipping corridors has provided clear relief to oil markets. The $71.99 level represents a meaningful correction, but fundamentals suggest that supply chains remain robust and demand expectations are adjusting to a calmer geopolitical landscape.
The coming days will determine whether this week's dramatic correction marks a temporary pullback or the beginning of a broader trend — but for Libyan producers and global consumers alike, the immediate news is unmistakably clear: oil is flowing freely again, and prices are responding accordingly.
— LibyaPress / Economy Desk
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