Oil Prices Slip Amid Middle East Tensions

Oil prices declined by nearly 4% on Friday, but remained on track for a weekly gain. The drop in prices was largely due to concerns over potential disruptions to energy supplies in the Red Sea and the risk of an escalation in the conflict involving the United States, Israel, and Iran.

The Brent crude futures fell by $4, or 3.96%, to $96.70 a barrel at 9:46 AM GMT. Despite Friday's decline, Brent was still on track to post a weekly gain of around 9.7%.

Analyst John Evans from PVM Oil Associates noted that oil production hubs and energy transport routes are now located close to areas of conflict, suggesting that the short-term outlook for oil prices remains tilted to the upside.