Oil Pulls Back but Middle East Risk Holds WTI Near $100
WTI tracked by USO fell 2.20% to US$154.90 on Friday as Saudi infrastructure attacks and Gulf supply fears kept a floor under crude. Brazil, Guyana, Mexico, Arg The post Oil Pulls Back but Middle East Risk Holds WTI Near $100 appeared first on The Rio Times .
Oil prices retreated on Friday, with West Texas Intermediate (WTI) settling at US$154.90, down 2.20% from the previous close. Brent crude hovered around US$105. The decline followed a week of gains driven by fresh strikes on Saudi oil infrastructure and the IEA's revised supply outlook for 2026. Thursday's drone attacks on Saudi Arabia's East-West pipeline system, coupled with the IEA's downgrade, reinforced supply concerns.
Latin American oil producers also slipped, with Petrobras down 0.84% to US$21.20, Ecopetrol falling 1.77% to US$17.75, and YPF easing 0.91% to US$55.55. The physical disruption in the Gulf appears to be colliding with a technical pullback, suggesting Middle East disruptions may keep a floor under WTI near US$100. Tomorrow's focus will be on tanker rates and any updates on Saudi pipeline repairs, as these factors could influence the market further.
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