Oil Prices Fall Despite US-Iran Tensions

Oil prices fell on Friday but remained on track for a monthly rise of about 20%, despite tensions between the United States and Iran. Brent futures declined $1.03, or 1.2%, to $88 a barrel, while US West Texas Intermediate (WTI) crude slipped $1.50, or 1.8%, to $82.09 a barrel.

The decrease was attributed to increased flows in the Strait of Hormuz, which has been a focal point for oil markets due to its blockage since the February 28 launch of the US-Israel war on Iran.

Saudi Arabia is seeking to lead a coalition to boost defence cooperation in the Bab El-Mandeb Strait, the Red Sea, and the Gulf of Aden, all chokepoints for energy supplies.