Oil prices dip despite weekly gains
Oil prices declined today, Friday, despite recording a weekly gain of approximately 9% after surpassing the $100 per barrel mark for the first time in months. Brent crude fell by 2.3% to reach $105.15, while West Texas Intermediate decreased by 2.73% to $99.68. This comes after Iranian media reports that Tehran will meet with Gulf countries in Oman to discuss the Strait of Hormuz, amid ongoing escalation in the region. Experts expect that continued tensions could push oil prices higher once again, although growing geopolitical concerns threaten demand for oil, with prices potentially decreasing after the conflicts end or as renewable energy sources increase.
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