Brent Crude Falls Under $97

Oil prices declined, with Brent crude losing more than $4 to reach $96.48 per barrel, after surpassing the $100 level in the previous session. This drop was driven by profit-taking sales and easing concerns over a complete halt of oil ships in the Middle East. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by over $3 to settle at $88.82, amid ongoing fears of disruptions in shipping routes due to attacks on oil tankers. Despite the decline, prices still posted strong weekly gains, with Brent nearing a 10% increase and WTI around an 8% weekly rise, as tensions persist in the region and the possibility of new disruptions could push prices higher once again.

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