Brent Oil Prices Plummet Amid Escalating Middle East Tensions

Oil prices fell on Friday but are still poised for a significant weekly gain due to concerns over disrupted energy flows in the Red Sea and escalating tensions between the US, Israel, and Iran. Brent futures dropped $1.82, or 1.81%, to $98.87 a barrel after the previous session's surge above $100, which was the highest since May.

The contract remains on track for a 12% weekly rise despite Friday's decline. West Texas Intermediate (WTI) futures fell $1.60 or 1.74% to $90.59 a barrel, heading for a 9.7% weekly increase.

Analyst John Evans of PVM Oil Associates noted that 'Major hubs of oil production or supply routes are surrounded by war.' This has led to a bullish short-term outlook.