Crude oil falls below $100 per barrel
Oil prices have dropped significantly, with Brent crude futures falling by more than 3.96% to around $96.70 per barrel, while U.S. West Texas Intermediate futures declined by 3.42% to $89.04. This follows a prior rise above $100 earlier. Despite registering weekly gains of over 8-9.7%, the decline comes amid concerns over potential disruptions to oil flows through the Red Sea, escalation in Iran's conflict, and the targeting of two Saudi oil tankers by the Houthis. These decreases reflect market turbulence and regional tensions, as worries about the impact of ongoing conflicts on global oil supplies persist.
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