Oil declines 5% as Brent dips below $90
Reports indicate that oil prices declined by over 5% during the week, with Brent crude dropping below $90 per barrel due to the impacts of the US Federal Reserve's policies and threats of potential interest rate hikes to curb inflation. Oil flows through the Strait of Hormuz are expected to be affected, as disruptions have occurred due to Iran's efforts to ease US sanctions and reopen the strait, leading to fluctuations in global export levels. Additionally, US President Trump announced a major oil deal with Venezuela involving reserves exceeding 65 billion barrels, while geopolitical tensions between Russia, Ukraine, and Europe continue to escalate over the situation in the region.
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