Oil Set for Fourth Straight Weekly Loss as Hormuz Flows Return

Oil futures were on track to post their fourth consecutive weekly loss early on Friday as the tentative reopening of the Strait of Hormuz and the uptick in oil flows weigh down prices. In Asian trade early on Friday, with U.S. markets closed for the July 4 weekend, both benchmarks, Brent and WTI, were gaining about 0.5% on some profit-taking. Over the past three weeks, prices have slumped to nearly pre-war levels, with Brent now in the low $70s per barrel and WTI Crude trading below $70. The U.S.-Iran memorandum to negotiate a deal and the reopening…