Oil Prices End Week Above $100 Amid Regional Tensions

Oil prices were down on Friday but still poised to close the week above $100 for the first time in nearly four months, despite supply disruptions and regional tensions.

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%.

This decline 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.

The report eased market concerns about prolonged supply disruptions, which had driven oil prices up by more than 6% on Thursday.