Oil Prices Falter but Remain Poised for Weekly Gain Amid Ongoing Supply Concerns

Oil prices fell on Friday but remained on track for a weekly gain of more than 9% due to ongoing supply concerns. U.S. diesel prices, however, hit a record high as attacks along Middle East shipping routes continued.

Brent crude futures were down $2.46, or 2.29%, at $105.17 a barrel, while U.S. West Texas Intermediate crude fell $2.44, or 2.38%, to $100.04 a barrel. Both benchmarks hit their highest levels since mid-May earlier in the session.

The market sentiment was impacted by reports 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, according to the Financial Times.