Oil prices fall but still rise weekly
Oil prices declined today despite continuing weekly gains due to Iran's escalation and disturbances in the Red Sea. Brent crude fell to approximately $98.87 per barrel, losing $1.82, while West Texas Intermediate dropped to $90.59, losing $1.60. Nevertheless, both benchmarks are on track to achieve weekly gains of 12% and 9.7%, respectively, amid concerns over potential disruptions to oil supplies caused by tensions in the region and Iran's escalation of the war, with U.S. threats of military retaliation against attacks in the Red Sea.
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