Oil falls over 4% but gains 7% weekly

Oil prices fell by more than 4% at the close of today's Friday session, after achieving weekly gains of over 7%. This decline was due to investors locking in profits amid reports of Chinese efforts to revive peace talks between the United States and Iran. This comes at a time when geopolitical risks continue to support oil prices, including U.S. threats against Iran and tensions in the Red Sea with the Houthis, especially amid ongoing concerns over potential supply disruptions in the Middle East. Despite the daily decline, the market remains supported by low global inventories and ongoing unrest in the region.

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