Oil prices ease on reports of Venezuelan supply and Strait of Hormuz talks

Crude benchmarks declined modestly on Friday as market participants weighed emerging developments surrounding global supply dynamics. Market sentiment was influenced by reports suggesting that the United States was nearing an agreement to secure access to petroleum reserves in Venezuela.

Trading desks also monitored reports that Venezuela could be weighing an exit from the Organization of Petroleum Exporting Countries. Such considerations reportedly follow increasing engagement and warming bilateral ties with Washington.

At the same time, market participants kept a close watch on ongoing tensions and interactions between the United States and Iran concerning the Strait of Hormuz. These intersecting geopolitical factors helped steer prices lower during the session.