HOUSTON: Crude oil prices declined in global markets on Friday, although ongoing tensions in the Middle East and increasing attacks along key maritime routes continued to fuel concerns over potential disruptions to global oil supplies. Despite the decline, oil prices remained on track for a weekly gain of more than 9%, while diesel prices in the United States climbed to a record high.
On the final trading day of the week, Brent crude futures fell by $2.46, or 2.29%, to $105.17 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude declined by $2.44, or 2.38%, to $100.04 per barrel.
Both benchmarks had climbed to their highest levels since mid-May during the early trading session on Friday. However, the gains later faded, sending both Brent and WTI lower as the market lost its initial momentum.
