Oil Prices Hold Above $100 Amid Ongoing Middle East Tensions

Oil prices declined on Friday but remained above $100 a barrel, following a week of significant gains driven by escalating conflict in the Middle East and concerns about supply disruptions.

Brent crude futures decreased 3.58% to $103.78 a barrel, while West Texas Intermediate (WTI) futures fell 2.17% to $99.23 at 6:27 a.m. ET.

Despite the decline, Brent was set for an 8.4% weekly gain, and WTI for a 9.2% gain, both maintaining levels above $100 for the first time since mid-May.

Analysts are closely watching the unfolding situation in the Middle East, where the conflict risks prolongation.