Middle East Tensions Keep Oil Prices Firm Despite Weekly Drop

Oil prices fell on Friday but remained on course for a weekly gain of more than 8% due to concerns about prolonged supply disruptions in the Middle East.

The Brent crude futures settled at $104.61 a barrel, down $3.02, or 2.81%, while U.S. West Texas Intermediate crude finished at $100.05 a barrel, down $2.43, or 2.37%.

The decline in prices came after the Financial Times reported that foreign ministers in the Middle East are trying to work out a temporary deal with Iran to manage shipping through the Strait of Hormuz.