Oil prices dropped on Friday following news of a plan concerning the Strait of Hormuz, according to shipandbunker.com. The same report notes that a mobilization by Houthi forces is signaling further volatility ahead.
Despite Friday's decline, crude finished the week with steep gains, CNBC reported, as tensions across the Middle East continued to build. The BBC reported that oil, gas and borrowing costs all rose amid escalating fears over the region.
The week's trading reflected two opposing forces: a proposed arrangement around the Strait of Hormuz, a key passage for global oil shipments, and military developments that traders read as a risk to supply. Shipandbunker.com framed the Houthi mobilization as a signal that price swings are likely to continue.
