Oil Prices Pull Back from Record High as Middle East Tensions Rise

Oil prices pulled back from their recent high of $100 per barrel as concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war with Iran took hold.

Brent futures fell by nearly $4, or 3.96%, to $96.70 a barrel at 0946 GMT on Friday, while West Texas Intermediate (WTI) futures dropped $3.15 or 3.42% to $89.04 a barrel.

Despite the decline, both benchmarks are still on track for strong weekly gains of 9.7% and nearly 8%, respectively.

PVM Oil Associates analyst John Evans said that 'major hubs of oil production or supply routes are surrounded by war... The short-term outlook is bullish.'