Oil Prices Fall but Remain on Track for Weekly Gains Amid Ongoing Middle East Tensions

Oil prices declined nearly 3% on Friday due to profit-taking after Thursday's sharp rally, but remained on track for their strongest weekly gains in months.

The Brent crude futures price fell by $3, or 2.93%, to $97.72 a barrel, while US West Texas Intermediate (WTI) crude futures dropped $2.31, or 2.52%, to $89.87 a barrel.

Brent was set to advance 10% for the week, while WTI would gain 8.9%, as investors continued to be driven by fears of supply disruptions in key global shipping routes.

The escalating conflict involving the United States, Israel, and Iran remained a focus for oil markets, with hostilities showing little sign of easing.