- Oil prices fell as Middle East supply concerns eased.
- Brent crude futures declined by 72 cents to $103.53 per barrel.
- WTI futures dropped by 52 cents, settling at $90.97.
- Brent crude is on track for weekly gains despite supply disruptions.
Oil Prices Decline Amid Easing Middle East Supply Concerns
Oil prices fell on Friday as fears regarding Middle Eastern supply diminished. This shift followed statements from U.S. President Donald Trump about Iran, which calmed global market anxieties.
Trading Data Overview
According to trading data:
- Brent crude futures dropped by 72 cents, or 0.7%, reaching $103.53 per barrel by 02:20 GMT.
- West Texas Intermediate (WTI) futures decreased by 0.6%, equivalent to 52 cents, settling at $90.97.
Weekly Trends in Oil Prices
Brent crude is on track to achieve weekly gains after rising by 4% at Thursday’s close. In contrast, WTI is expected to record a slight weekly decline, despite supply disruptions caused by a hurricane approaching the Gulf Coast of the United States, the world’s largest oil producer.
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