Brent Crude Prices Plummet Amid Speculation of Middle Eastern Supply Boost
Brent Crude prices dropped below $103 per barrel on Friday after reaching a four-month high of $106 on Tuesday.
The decline was fueled by speculation that higher supply from the Middle East may be on the horizon, following US President Trump's hint at the possibility of re-escalating attacks against Iran.
Despite recent attempts at dialogue between Tehran, Washington, and GCC states to restore maritime oil exports, the likelihood of increased supply from the region remains high.
Saudi Arabia has stated that its East-West pipeline could come online in the next few days after strikes from Iran-affiliated armies forced its suspension.
The halt prevented 7 million barrels per day from being allocated to the Red Sea, an alternative route for tankers in the Persian Gulf due to blockades.