Oil Prices Decline Amid Ongoing Supply Disruptions Concerns

Oil prices declined nearly 3% in the final trading session of the week due to concerns about supply disruptions. Despite this drop, oil prices are still on track for a gain of more than 8% for the week.

Giovanni Staunovo, an energy analyst at UBS, noted that information about negotiations to secure shipping through the Strait of Hormuz is putting pressure on oil prices.

According to data from the International Energy Agency (IEA), Saudi Arabia's crude oil production fell by 2.3 million barrels per day in August, to around 6 million barrels per day.