Oil drops after volatile week amid US-Iran tension

Global oil prices have experienced a sharp decline, with Brent crude dropping by 1.4% to approximately $88 per barrel, and West Texas Intermediate decreasing by a similar margin to around $82. This comes after a week of severe fluctuations caused by escalating tensions between the United States and Iran and the resulting impact on shipping traffic through the Strait of Hormuz. Despite the resumption of fighting, oil prices have fallen by 9.3% and 8% respectively since the beginning of the week, although they remain higher compared to pre-conflict levels. Additionally, International Airlines Group (IAG) announced a 16% decrease in its operating profits for the second quarter due to rising fuel costs, and no increase in operational capacity is expected for this year as a result of the conflict's repercussions.

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