Crude Oil Falls Under $100
Crude oil futures declined by more than 3% on Friday due to concerns over potential disruptions in supply flows in the Red Sea and the escalation of the war in Iran, despite oil still posting weekly gains that reflect the impacts of the crisis. Approximately $4 was lost from the price of Brent, bringing it to $96.70 per barrel, while West Texas Intermediate dropped to $89.04. It is expected that Brent could rise to over $114 if supply disruptions continue for three months. Analysts anticipate that escalating tensions will lead to significant increases in oil prices in the short term.
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