Oil Prices Retreat from $100, Still Set for Weekly Rise Amid Middle East Tensions
The price of oil has retreated from above $100 per barrel but is still expected to rise for the week due to escalating tensions in the Middle East. The global benchmark, Brent crude, closed at $99.90 on Friday after reaching an intraday high of $103.70.
Oil prices have been volatile in recent weeks as concerns over supply disruptions and geopolitical instability continue to weigh on markets. The ongoing conflict between Iran and Israel has raised fears of a potential disruption to oil supplies from the region, which could lead to higher prices globally.
Despite the recent pullback, analysts expect oil prices to remain firm due to tight global inventories and robust demand. The International Energy Agency (IEA) recently reported that global crude oil stock levels have fallen to their lowest level in over a decade, further supporting the case for higher prices.