Oil posts strong weekly rise
Oil futures prices fell by more than 4% on Friday, after reports indicated that China has started a campaign to restart peace talks between the United States and Iran, despite the market still hoping for significant weekly gains. Brent crude declined by 3.88% to reach $96.78 per barrel, but it remains on track to achieve approximately a 10% weekly gain. WTI (West Texas Intermediate) futures also dropped to $89.31, down by 3.12%, with expectations of continuing weekly gains of up to 8.27%. These movements occur amid escalating military tensions between the U.S. and Iran and escalating unrest in the Red Sea, coupled with warnings that disruptions to oil supplies could push prices to $114 per barrel if the disruptions last for three months.
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