Oil Prices Slump as Saudi Supply Concerns Ease

Oil prices took another hit on Friday, extending their losses for the third consecutive session. The slump was driven by easing concerns over supply disruptions in Saudi Arabia, which outweighed worries about the escalating conflict in the Middle East.

Brent crude futures fell $2.30 to $102.53 a barrel as of 06:36 GMT, according to Al Jazeera. This decline represents a 2% drop and puts Brent prices on track for their first weekly loss in three weeks.

U.S. West Texas Intermediate (WTI) crude futures also fell, down $1.85 to $100.04 a barrel. The losses come as tensions rise in the Middle East, but it appears that supply concerns are currently taking precedence.