Brent Oil Price Slumps Over 5% Amid Profit-Taking and Shift in Market Sentiment

The price of Brent North Sea oil plummeted over 5% on Friday, settling at $95.61 per barrel after surging above $100 just a day prior.

The decline was attributed to profit-taking by traders, who had previously driven up prices in anticipation of potential disruptions to global crude supplies following attacks on oil tankers in the Red Sea.

Despite the US launching fresh strikes on Iran on Friday, markets breathed a sigh of relief as some ships were able to pass through the Bab al-Mandeb strait, a crucial passage into the Red Sea.

Chris Beauchamp, chief market analyst at trading platform IG, noted that oil prices 'finally ran into some profit taking' after advancing all week.