11 Hrs
Source:
الاقتصادية
Oil prices fall over 3% below $100
Oil prices experienced a decline of more than 3% on Friday, with Brent crude dropping to around $104.18 per barrel and West Texas Intermediate (WTI) falling to approximately $99.52, despite both reaching their highest levels since mid-May earlier in the session. These declines came despite the weekly gains that exceeded 8%. The decline is attributed to fears of disruptions in oil supplies due to attacks on shipping routes in the Middle East and tensions between Iran and the region, which led to a decrease in the number of ships passing through the Strait of Hormuz to seven, down from 11 the day before. Additionally, U.S. diesel prices rose to over $6 per gallon for the first time, driven by escalating shipping and refining disruptions. Market experts expect continued volatility and near-term price increases, with Europe likely to take actions regarding monetary policy and interest rate hikes to counter rising energy prices caused by the war.
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