Oil Prices Slip, But Still Set for 20% Monthly Gain Amid Middle East Tensions

Oil prices fell on Friday but are still set to rise by about 20% for the month, despite rising tensions in the Middle East.

The Brent futures price dropped $1.03, or 1.2%, to $88 a barrel, while US West Texas Intermediate (WTI) crude slipped $1.50, or 1.8%, to $82.09 a barrel.

Daniel Hynes, a senior commodity analyst at ANZ, said that rising tensions in the Middle East are being offset by increased flows through the Strait of Hormuz.

The strait has been a major point of concern for oil markets since it was largely blockaded on February 28 following the launch of the US-Israel war on Iran.