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Crude oil nears $100 on week’s end
Oil prices declined during today's trading on Friday, despite the continued trend of ending the week above $100 per barrel for the first time since May, due to escalated attacks on shipping routes in the Middle East and growing fears of ongoing supply disruptions. Brent and West Texas Intermediate crude recorded weekly gains of about 13%, amid escalating Houthi attacks on the Al-Mukha port and tensions in the Strait of Hormuz, highlighting the fragility of the oil market. Analysts warned that prices could rise to $119.48 if the conflict intensifies, while OPEC lowered its forecast for global oil demand growth in 2026.
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