Oil Prices Retreat After Briefly Topping $100 Amid Red Sea Disruption

Oil prices retreated on Friday after briefly breaching $100 per barrel for the first time since May, but still managed to post significant weekly gains due to escalating tensions in the Middle East.

The Red Sea disruption and US-Israeli war with Iran have driven energy flows, causing oil futures to fall by over 3% on the day. Brent futures dropped $3.59 (3.57%) to $97.10 a barrel at 1240 GMT, while West Texas Intermediate (WTI) futures declined by $3.14 (3.41%) to $89.05 per barrel.

Despite the daily decline, both contracts remain on track for substantial weekly gains, with Brent poised for more than a 10% advance and WTI set for an almost 8% rise.