Oil records 10% weekly drop; US WTI ends below $70

Oil drilling rigs

Oil prices pared gains at settlement on Friday as supply concerns eased and shipping through the Strait of Hormuz continued, despite an attack on a cargo vessel off the Omani coast a day earlier.

US President Donald Trump accused Iran of violating the ceasefire by launching drone attacks on vessels transiting the strait, saying one drone struck a cargo ship while US forces shot down three others.

Despite the incident, media reports said vessel traffic through the Strait of Hormuz continued in both directions. While the attack on the cargo vessel Ever Lovely prompted some shipowners and captains to exercise greater caution, it did not disrupt the gradual return to normal shipping operations.

Separately, OPEC is facing fresh pressure after reports said Iraq is seeking a higher production quota and has threatened to withdraw from the group if its demands are not met, following the UAE's exit from the organization last May.