Oil on track to remain above $100 for second straight week as Middle East tensions simmer
Oil prices shaved their losses on Friday, but remained on track to end remain $100 for a second straight week as tensions in the Middle East simmer. Brent, the benchmark for two thirds of the world's oil, was down 1.35 per cent to $103.41 a barrel at 2.14pm UAE time. West Texas Intermediate, the gauge that tracks US crude, shed 0.39 per cent to $101.51 per barrel. Both Brent and WTI were up by…
Oil prices remained on track to stay above $100 for a second consecutive week as tensions in the Middle East persisted. Brent, the benchmark for two-thirds of the world's oil, fell 1.35% to $103.41 a barrel, while West Texas Intermediate declined 0.39% to $101.51 per barrel. After surging towards $110 a barrel on Monday following Saudi Arabia's pipeline shutdown, prices began to drop due to easing concerns over Saudi supply disruptions and renewed fighting between Saudi Arabia and Yemen's Houthi rebels.
The conflict's impact on oil prices depends heavily on the conflict's direction, with the potential for further escalation near the Strait of Hormuz or Bab Al Mandeb increasing the risk of a genuine supply shortage and keeping prices above $100 per barrel. Meanwhile, gold rose for a second straight day as a safe-haven asset amid Middle East developments.
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