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Oil nearing $100 per barrel
Oil prices declined today, Friday, but they continue their trend of ending the week above $100 per barrel for the first time since mid-May, amid escalating attacks on key shipping routes in the Middle East that have heightened concerns over long-term supply disruptions. After a weekly gain of approximately 13%, Brent crude fell by 1.9% to $105.62, and West Texas Intermediate dropped by 1.4% to $101.10. These changes followed reports of attempts by regional foreign ministers to manage navigation through the Strait of Hormuz. Maritime threats are intensifying, with the Houthi control of Al-Mukha port, attacks on Saudi energy facilities, and oil flow through the strait remaining below pre-war levels, amid expectations of further instability if the conflict escalates.
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