Oil Prices Fall as Investors Take Profits Amid Middle East Tensions

Crude oil prices declined on Friday after a strong weekly rally, with Brent crude futures trading at $93.16 per barrel, down 0.66% from Thursday's close of $93.78.

The decline came as investors took profits after the weekly gain, which was driven by concerns over oil supply disruptions in the Middle East.

However, markets also assessed reports of increased traffic through the Strait of Hormuz and Washington's economic pressure on Iran, with US Vice President JD Vance saying the country had entered a 'new phase' in its war against Iran, where economic pressure is now the most effective tool for achieving US objectives.