Oil Prices Retreat from $100/BBL but Remain on Track for Strong Weekly Gain

Oil prices retreated on July 24 from highs above $100/bbl but remained on track for a strong weekly gain due to escalating attacks on tankers in the Red Sea and rising tensions in the Middle East.

The Brent oil futures price fell over 4% to around $96/bbl, while West Texas Intermediate (WTI) crude prices dropped to around $88/bbl. The decline was driven by profit-taking following the recent rally and renewed pressure on the macroeconomic outlook after US President Trump's reinstatement of trade tariffs.

Despite the late-session pullback, both benchmarks recorded significant weekly gains, with Brent crude rising over 10% and WTI crude increasing about 8%, primarily due to rising geopolitical risk premiums.