Doha: Oil prices fell by nearly 2 percent on Friday and were on track for sharp weekly losses as concerns over supply disruptions eased following the resumption of shipping through the Strait of Hormuz. Brent crude futures dropped by USD 1.50, or 1.99 percent, to USD 73.76 a barrel. US West Texas Intermediate (WTI) crude futures declined USD 1.49, or 2.07 percent, to USD 70.43 a barrel.

According to Qatar News Agency, the resumption of shipping activities through the Strait of Hormuz, a critical chokepoint in global oil transportation, has alleviated fears of potential supply disruptions. The Strait of Hormuz is one of the world's most strategically important maritime passages, with a significant portion of the world's oil flows passing through it. The easing of concerns has contributed to the recent decline in oil prices, as market participants adjusted their expectations about potential supply constraints.