Oil drops below $100 despite tensions

Global oil prices declined slightly after reaching their highest level in two months above $100 per barrel, with Brent crude surpassing $100 for the first time in two months, supported by the collapse of the ceasefire between the United States and Iran and regional tensions. Brent futures fell by 2.8% to around $98, and West Texas Intermediate decreased by 2.3% to $90, despite some weekly gains. Attacks by the Yemeni Houthi group on Saudi oil tankers in the Red Sea and the suspension of navigation through the Strait of Hormuz have raised market concerns, even though two Saudi oil tankers passed through the Bab el-Mandeb Strait on Thursday.

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