Oil drops on profit-taking and Iran talks hopes

Oil prices have dropped significantly by more than 4% due to profit-taking, despite continued optimism about resuming peace talks between the United States and Iran led by China. Brent crude and West Texas Intermediate both recorded weekly gains of over 7%, even amid tensions including missile strikes, restrictions on navigation in the Strait of Hormuz, and the Houthis' blockade of Saudi Arabia. The blockade activities and the impacts of the conflict on oil supplies are key factors that could lead to a monthly increase of about $7 to $8 per barrel if disruptions persist. Additionally, maritime operations saw ships transiting through strategic passages, with indications that the blockade is not complete, while analyses anticipate that ongoing supply disruptions could push prices up to an average of $114 a barrel over the next three months.

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