Oil Prices Slide Despite Week-Long Gains Amid Supply Disruptions

Oil prices declined in Friday's session but recorded weekly gains of 9% as fears of supply disruptions persisted following escalating attacks on two key shipping routes in the Middle East.

Brent crude futures fell by $3.02, or 2.81%, to settle at $104.61 per barrel, despite gaining over 8.6% weekly, while West Texas Intermediate (WTI) crude decreased by $2.43 or 2.37% to $100.05 per barrel, with a 9.4% rise during the week.

The price of diesel in the United States reached an unprecedented high at over $6 per gallon on Thursday amid dwindling supplies due to the Iran war and Ukrainian attacks on Russian refineries.