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crude oil fell below $70 on Friday, resuming its decline after an attack on a cargo ship near Oman reloaded the geopolitical risk calculus traders had briefly set aside.
Markets spent the session tracking any sign of a breakthrough in the Middle East conflict while absorbing a flurry of regional news.
The $70 Break and What the Sequencing Tells You The sub-$70 print is a resumption, not an initiation — prices had paused their slide before sellers pushed through again on Friday.
That sequencing matters: the underlying bid in crude was not strong enough to hold even temporarily once fresh geopolitical headlines arrived. The cargo ship attack near Oman supplied those headlines.
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