Oil Prices Retreat, Remain Above $100 Amid Ongoing Supply Disruptions

Oil prices retreated on Friday after posting significant gains in the previous session, but remained above $100 a barrel due to ongoing concerns over supply disruptions and shipping issues in the Middle East.

Brent crude futures fell by $1.65 or 1.53% to $105.98 a barrel, while US West Texas Intermediate (WTI) crude futures dropped by $1.36 or 1.33% to $101.12 a barrel.

Despite the decline, both benchmarks are poised for strong weekly gains of over 10%, following increases of more than 6% on Thursday amid growing concerns over the security of key energy supply routes in the region.