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Oil Prices Plummet on Red Sea Tensions but Still Poised for Weekly Gains

Guavy AI Editorial Team
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Oil
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Oil prices plummeted by over 3% on Friday but remain poised for significant weekly gains due to growing tensions in the Red Sea and the potential for expanded conflict involving the US, Israel, and Iran.

Brent crude futures fell nearly $4, or 3.96%, to $96.70 a barrel at 0946 GMT, despite being set for a 9.7% gain over the week.

US President Donald Trump vowed to deliver major military retaliation against Iran and its Houthi allies following the Red Sea strikes.

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