Oil prices ease as recovering Hormuz Strait traffic tempers war premium

Oil prices extended declines Friday as signs of a recovery in crude flows through the Strait of Hormuz eased supply concerns, after a resumption of hostilities between U.S. and Iran had sent them higher. West Texas Intermediate futures for September delivery dropped 1.62% to $82.24. Brent crude futures, the international benchmark, fell by 0.98%% to $88.16 a barrel. […]