Commodities
Oil Prices Fall as Middle East Tensions Escalate
Oil prices dropped on Friday as investors weighed the risk of further escalation in the Middle East conflict against signs of recovery in some regional supply flows.
The December futures contract for West Texas Intermediate (WTI) crude fell by 2.7% to $99.69 per barrel, while WTI futures declined 3.5% to $89.64 per barrel.
The gains from the previous day were erased as concerns over a potential escalation in the conflict between the US and Iran resurfaced.
US President Donald Trump told Time magazine that he does not believe 'you could ever have peace' with Tehran, adding to market jitters about oil flows from the region.