Oil Prices Drop, But Global Market Volatility Persists

Oil prices took a significant hit on Friday, dropping from $109.97 per barrel to settle at $104.61 for Brent crude and $100.05 for West Texas Intermediate.

Despite the pullback, oil still gained more than 8% for the week due to ongoing supply disruptions in the Middle East.

This temporary relief has spilled over into other markets, with Bitcoin recovering above $77,000 after briefly falling toward $76,100.

Chevron CEO Mike Wirth warned that global crude inventories and emergency supply buffers have been depleted, leaving markets more vulnerable to another surge in oil prices.