Oil Retreat Gives Bitcoin Temporary Relief Amid Ongoing Supply Disruptions

Oil prices retreated from their peak of $109.97 per barrel on Friday, but still ended the week up over 8% due to ongoing supply disruptions in the Middle East.

Brent crude settled at $104.61, while West Texas Intermediate finished at $100.05, according to the source.

This reversal gave risk assets, including Bitcoin, some temporary relief as BTC rose roughly 0.9% on Friday to close near $77,200 and was holding around $77,300 on Saturday.

The positive response from crypto followed a difficult stretch where oil prices above $100 intensified inflation concerns across both crypto and traditional markets.

Chevron CEO Mike Wirth warned that global crude inventories have been depleted, potentially leaving markets more vulnerable to another surge in prices.