BEIJING, June 26 (Reuters) - Oil prices fell on Friday morning, heading for sharp weekly losses as supply concerns eased thanks to more stranded tankers leaving the Strait of Hormuz, despite a cargo ship being targeted near Oman the day before.

By 0055 GMT, Brent crude futures were down 19 cents, or 0.25 percent, at $75.07 a barrel, and U.S. West Texas Intermediate crude futures were down 13 cents, or 0.18 percent, at $71.79 a barrel.

Both benchmark crude oils rose by more than two percent each on Thursday after a cargo ship was hit by an unidentified projectile near Oman, prompting the United Nations' International Maritime Organization to suspend a voluntary evacuation program.

Two US officials told Reuters that Iran fired on the cargo ship as it attempted to transit the strait. Iranian authorities said the safety of ships sailing outside designated routes in the Strait of Hormuz is uncertain.

“With the geopolitical risk premium creeping back into prices, markets will be watching closely to see whether oil tanker traffic will resume or whether these latest hurdles will force producers to hold off on planned production increases,” said Tony Sycamore, an analyst at IG.

Brent crude and West Texas Intermediate are on track to record losses of nearly seven percent each this week.

Data released yesterday showed that crude oil shipments through the Strait of Hormuz rose this week to their highest level since the start of the US-Israeli conflict with Iran on February 28, after a ceasefire agreement led to the reopening of the waterway, while concerns about how long the strait will remain open also boosted trade volumes.

However, the total traffic still represents a small fraction of the daily average of 125 ships that passed through the strait before the conflict began.

Meanwhile, two earthquakes in Venezuela have raised concerns about supplies.

Initial assessments by workers in Venezuela’s massive oil, gas and refining infrastructure have so far shown limited damage, as most of the country’s largest production areas, refineries, pipelines and terminals are located far from the areas most affected by the disaster.

However, sources said the power outage raised doubts about the possibility of maintaining oil production at its pre-earthquake level, which is close to 1.2 million barrels per day.