Oil Prices Tumble Below $104 Amid Middle East Conflict Concerns
Crude oil prices fell for the third consecutive session on Friday, dipping below $104 per barrel. Despite ongoing threats to supply from the Middle East conflict, markets largely ignored these concerns and focused on alternative routes for oil exports.
Brent crude futures dropped by 1.04% to $103.70 a barrel, while US West Texas Intermediate futures declined by 0.92% to $101 a barrel. The losses were moderate, but the overall trend remains bearish for oil prices.
Experts are divided on what the future holds for oil prices. Goldman Sachs predicts that if attacks on vessels in the Middle East intensify, oil prices could reach as high as $120 per barrel. On the other hand, if exports return to normal, prices could fall back towards $80 per barrel.