Oil dips at close, weekly gain over 8%

Oil prices declined at the close on Friday, but they achieved weekly gains exceeding 8%. This comes amid concerns over ongoing supply disruptions due to attacks on shipping routes and oil facilities in the Middle East. Brent crude fell to $104.61 per barrel, and West Texas Intermediate dropped to $100.05, after reaching high levels earlier in the week, despite the price retreat on Friday. These developments are driven by continued fears of targeting the Saudi East-West pipeline and disruptions to Saudi oil supplies, which have decreased to their lowest level in over three decades. Additionally, shipping activity through the Strait of Hormuz has declined, reflecting threats to global oil supplies. This situation has also led to U.S. diesel prices rising to over $6 per gallon for the first time, with expectations of further volatility toward the end of the week.

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