Brent Retreats but Maintains $100 Level

Oil prices retreated on Friday after a sharp rally in the previous session, as the market focused on the recovery of supplies from the Middle East and the risks of tension between the United States and Iran. Brent crude fell by 0.7% to $101.61 per barrel, while West Texas Intermediate declined by 0.9% to $92.02, both heading for weekly losses. The $100 level is considered a psychological barrier affecting investor positions, as concerns grow over ongoing supply risks, especially with Washington sending an aircraft carrier and forces to the region, and China taking steps to limit exports of oil products. Additionally, the Trump administration urged the European Union to withdraw 120 million barrels of diesel stockpiles over six months to help ease global fuel price increases.

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