Oil prices fall but on course to end week above $100
Oil prices retreated on Friday but are set for significant weekly gains, having soared above $100 a barrel for the first time in months due to escalating Middle East tensions. The decline followed news of diplomatic talks between Iran and Gulf states in Oman, offering some relief amidst fears of a protracted conflict.
Why it matters
Global oil prices are a critical indicator of economic health and geopolitical stability, directly impacting inflation, consumer costs, and international relations, especially when driven by conflict in key oil-producing regions.
Oil prices retreated on Friday, but notched sharp weekly gains after soaring above $100 a barrel for the first time in months.
Brent crude oil futures , the global benchmark, settled down 2.8% at $104.61 a barrel. U.S. West Texas Intermediate was down 2.4% to settle at $100.05 per barrel. On Thursday, Brent crude peaked at around $108 a barrel, while WTI hit more than $104.
The price decline came after Iranian state media said Tehran will meet with Gulf states in Oman to discuss the Strait of Hormuz, indicating some diplomacy is taking place despite a week of sharp escalation.
Crude oil futures Brent futures posted a weekly gain of 8.7%, ending the week above the critical $100 mark. WTI's week-to-date gain came in at 9.4%. Friday's decline snapped five consecutive days of gains for Brent crude and an eight-day winning streak for WTI.
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