Oil Markets Affected by De-escalation Expectations and Mixed Factors

Oil prices experienced a slight decline on Friday as markets assessed a range of conflicting factors, including renewed hopes for de-escalation in the Middle East. Brent crude fell by 74 cents to reach $105.85 per barrel, while West Texas Intermediate (WTI) crude dropped by 81 cents, settling at $93.80 per barrel. Prices had risen by more than three percent on Thursday, marking their highest level in a week. This surge was driven by renewed concerns over energy supply disruptions following missile attacks targeting Saudi Arabia. Conversely, reports of ongoing discussions between the United States and Iran regarding the reopening of the Strait of Hormuz limited price gains.