Oil drops 3% but gains weekly amid war escalation

Oil prices declined by more than 3% today; however, they are on track to achieve weekly gains of nearly 10%, driven by escalating tensions between the United States and Iran. The continued American attacks on Iranian targets in the region have heightened geopolitical concerns, with expectations that the market will remain temporarily tight and that Brent prices may fall to $85 by the end of the year. Additionally, Iran's military escalation and American responses—such as airstrikes and threats of significant military action—are increasing market volatility and impacting global oil prices.

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