Crude oil drops under $100
Oil prices declined by more than 3% during Friday's session, but energy commodities are still on track to achieve strong weekly gains, driven by concerns over potential disruptions in energy supplies across the Red Sea due to escalating tensions with Iran. Brent crude fell to around $96.70 per barrel after being above $100 on Thursday, recording a decline before continuing its weekly rally of approximately 9.7%. Similarly, West Texas Intermediate (WTI) oil decreased to $89.04, but both benchmarks are striving for a weekly increase of about 8%. These fluctuations come after the Houthis targeted two Saudi oil tankers in the Red Sea, amidst escalating rhetoric from Trump promising a harsh military response to Iran and its allies. Additionally, Iran has threatened to close the Bab el-Mandeb Strait, a vital passage for Gulf oil, should US attacks on Iranian infrastructure persist.
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