Oil prices dip but stay near weekly highs

Oil prices declined today, despite maintaining weekly gains of approximately 9%, after surpassing $100 per barrel for the first time in several months. Brent crude fell by about 2.3% to $105.15, while West Texas Intermediate dropped by 2.73% to $99.68. This comes amid expectations of extended conflicts in the Middle East, especially with rising tensions around the Strait of Hormuz and concerns over deteriorating navigation security. The market remains influenced by geopolitical developments, with ongoing fears of a slowdown in global demand due to rising oil prices, despite the possibility of the market balancing again through increased supply or reduced demand as the world becomes more aware of renewable energy. Prices are expected to continue rising temporarily, but likely not to exceed a record high by 2026.

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