Oil dips despite weekly gains

Oil prices declined towards the end of the week, with Brent futures settling at $93.18 per barrel, down by 0.65%. Meanwhile, NYMEX crude futures reached $86.18, a decrease of 0.75%. Despite this, oil prices are expected to achieve weekly gains exceeding 7%, driven by the escalation of conflict in the Middle East and increasing risks resulting from Iran's closure of the Strait of Hormuz and the imposition of a U.S. naval blockade. Markets are now focusing on data from U.S. oil and gas platforms to gauge the future supply outlook.

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