Oil slides nearly 2% as markets look past fresh Iran tensions and focus on supply outlook

Oil tankers and cargo vessels remain anchored off Port Sultan Qaboos on June 21, 2026 in Muscat, Oman. Elke Scholiers | Getty Images Oil extended declines on Friday as investors monitored developments in the Middle East conflict while assessing whether recent diplomatic efforts would reduce the risk of supply chain disruptions. International benchmark Brent crude futures for August slipped 1.89% to $73.84 a barrel. U.S. West Texas Intermediate futures for August declined 1.92% to $70.54according to per barrel. Stock Chart Icon Stock chart icon Brent crude A U.S. official told MS NOW that Iran was behind an attack on a cargo ship near the coast of Oman in the Strait of Hormuz. The ship was sailing under a Singapore flag, according to the Wall Street Journal. The United Kingdom Maritime Trade Operations said the ship reported no casualties and no environmental damage. "Following the launch of the IMO's evacuation plan , through which several vessels have already been successfully evacuated, I have decided to temporarily pause its implementation in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and all those in the region," Arsenio Dominguez, secretary-general of the International Maritime Organization, said. Meanwhile, tensions in the Middle East remained elevated, with Iran and the U.S. disagreeing over the use of funds covered under a memorandum of understanding between the two countries. …