Oil Prices Fall as Markets Watch Fed Policy and Hormuz Developments

Global oil prices moved lower at the end of the week as investors assessed signals from the U.S. Federal Reserve and developments surrounding shipping through the Strait of Hormuz. Brent crude settled around $89.31 per barrel, while WTI closed around $83.40, with both benchmarks recording weekly declines of more than 4%.

The movement in crude prices remains important for countries such as India because energy costs can influence inflation, transportation expenses and the country's import bill. Markets are likely to continue watching geopolitical developments in the Middle East alongside central-bank policy signals.

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