Oil Prices Plummet on Reports of China's Bid to End US-Iran Conflict

Crude oil prices plummeted over 4% on Friday after reports emerged that China was pushing for an end to the US-Iran conflict.

The development comes as the US and Iran exchanged missile strikes, causing a significant decrease in shipping traffic through the Strait of Hormuz.

Brent futures settled at $96.78 a barrel, down $3.91 or 3.88%, while West Texas Intermediate (WTI) futures finished at $89.31 a barrel, down $2.88 or 3.12%.

Despite the decline, oil prices are still on track for significant weekly gains, with Brent set to rise by nearly 10% and WTI up around 8.27%.