Oil Prices Dip Amid Diplomatic Hopes and Ongoing Attacks
Oil prices fell slightly on Friday as markets weighed the possibility of a truce between the US and Iran against the bombing of Saudi Arabia by Houthi rebels after a week of price spikes. Brent was down 74 cents, or 0.69%, to $105.85 a barrel at 0032 GMT, while West Texas Intermediate (WTI) was down 81 cents, or 0.86%, at $93.80 a barrel.
The sluggish opening was a contrast to a week of volatility when oil prices rose to a one-week high on Thursday. Both contracts rose as much as 5%. Brent settled up 3.4% and WTI was 2.7% higher. Brent notched its highest close since September 15.
Diplomatic hopes are helping oil prices weather the latest military strikes in the Middle East, according to Tim Waterer, chief analyst at KCM Trade. Saudi Arabia intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis, thwarting attacks on the southern province of Taif and the Yanbu area on the Red Sea.