Oil drops below 100d per barrel
Oil prices declined by over 3% during Friday's trading, but they remained on track to achieve strong weekly gains. Concerns centered around potential disruptions to energy supplies via the Red Sea amid escalating conflict with Iran. Brent crude fell to $96.70 per barrel after surpassing $100 for the first time since May, following attacks by the Houthis on two Saudi oil tankers. Despite the daily decrease, both benchmarks are expected to record weekly gains of nearly 9.7% for Brent and 8% for West Texas Intermediate, driven by military tensions. U.S. President Trump has warned of a harsh military response to Iran and the Houthis after the attacks, as tensions continue around the Bab el-Mandeb Strait, which connects the Red Sea with the Indian Ocean and serves as a major oil transit route.
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