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Oil prices remain on track for significant weekly gains despite Friday's decline as Middle East tensions persist

Oil prices retreated on Friday, yet both the Brent crude and West Texas Intermediate (WTI) benchmarks remain on track for weekly gains of more than 8%. Brent crude futures traded at approximately $104 per barrel, while WTI futures stood at roughly $99 per barrel. These gains are driven by escalating conflict in the Middle East, particularly the ongoing war with Iran and threats from Houthi rebels. Saudi Arabia reported that its oil output fell to its lowest level since 1990. The Kingdom also faced attacks on energy facilities and its East-West oil pipeline, prompting the rerouting of approximately 5 million barrels per day. Meanwhile, the Iran-backed Houthis have advanced toward the Bab el-Mandeb Strait, threatening to disrupt shipping. The administration announced that the conflict could drag on beyond the current term. President Trump said the conflict will end after the U.S. midterm elections and that oil and gas prices will fall following the November vote. Saudi Crown Prince Mohammed bin Salman urged President Trump to launch strikes against the Houthis, though President Trump declined the request.

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