Commodities
Oil Prices Plummet Amid Ongoing Middle Eastern Tensions
Oil prices are experiencing high volatility due to ongoing supply disruptions and tensions in the Middle East. Despite falling on Friday, crude oil prices were still set for an 8% gain this week.
The price of Brent crude oil fell $3.28 or 3.05% to $104.35 per barrel at 13:09 GMT, while WTI crude oil prices dropped $3.41 or 3.33% to $99.07 per barrel.
Analyst Giovanni Staunovo from UBS Energy said that there's still an 'upside risk' to oil prices in the short term, but high price volatility is expected to continue.