International oil prices dropped by about 2 percent on Friday, even after a cargo ship near Oman’s coast was hit by a missile from an unidentified source. According to Reuters, Brent crude fell by $1.47, or 1.95 percent, to $73.79 per barrel, while U.S. West Texas Intermediate (WTI) crude declined by $1.44, or 2 percent, to $70.48. Both benchmarks are heading for an 8 percent weekly loss.

LSEG shipping data showed that Saudi Aramco resumed crude loading at its Ras Tanura terminal in the Persian Gulf after nearly four months of suspension. Two very large crude carriers were loading oil, with another waiting nearby. Analysts from Sparta Commodities attributed the price drop to increased oil supply through the Strait of Hormuz and weak demand from China.

The report also noted that oil shipments through the Strait of Hormuz have reached their highest level since the February conflict between Iran, the U.S., and Israel, though still below prewar levels. ING analysts warned that once previously trapped tankers clear the Gulf, supply could tighten again.