Commodities
Oil Prices Rebound as Middle East Tensions Ease
Oil prices declined on Friday after reaching $100 in the previous session due to traders weighing Middle East supply risks against potential higher US interest rates.
The international benchmark Brent crude traded at $99.92 per barrel, down 0.7% from Thursday's close of $100.69, while US benchmark West Texas Intermediate (WTI) traded at $90.53 per barrel, down around 1.8% from the previous session.
The surge in prices on Thursday was attributed to concerns over supply disruptions due to threats to oil shipments through the Strait of Hormuz and Bab el-Mandeb, as well as fears of attacks on energy infrastructure across the Middle East.