Oil posts strong weekly rise despite Friday dip

Oil futures prices dropped by more than 4% on Friday after sources reported that China has initiated a campaign to restart peace talks between the United States and Iran, although prices continued to achieve significant weekly gains. Brent crude fell by 3.88% to reach $96.78 per barrel, despite increasing by over 10% during the week. West Texas Intermediate (WTI) declined by 3.12% to $89.31, after gaining 8.27% for the week. Tensions between the U.S. and Iran, along with attacks on oil tankers in the Red Sea, are contributing to market volatility, with forecasts suggesting that the average price of Brent could rise to around $114 if oil supply disruptions persist for three months.

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