Khaberni - Oil prices fell on Friday, but are still on track to achieve weekly gains, as disturbances in the Gulf overshadowed measures by the International Energy Agency and the US to calm supply concerns.
By 10:53 GMT, Brent crude futures for May delivery fell 1.2%, or $1.22, to $99.24 a barrel, heading for a weekly gain of 7.5%.
Meanwhile, US West Texas Intermediate crude for April delivery lost 1.9%, or $1.81, reaching $93.92, and is on its way to achieve a weekly increase of 4%.
The United States issued a 30-day license for countries to purchase Russian oil and its derivatives stranded at sea.
US Treasury Secretary Scott Bisent described the temporary license as a step to calm global energy markets that have been disturbed by the war on Iran.
Russian Presidential Envoy Kirill Dimitriev stated that the decision will affect 100 million barrels of Russian crude, roughly equivalent to one day's global production.
US President Donald Trump said yesterday, Thursday, that the United States will reap substantial profits from oil prices that have risen due to the war on Iran. However, he emphasized that preventing Iran from possessing nuclear weapons is much more important.
The crude oils surged by more than 9% on Thursday, reaching their highest levels since August 2022.
Goldman Sachs predicted on Friday that the average price of Brent crude would exceed $100 per barrel in March and $85 in April, given the continuing volatility in energy prices due to the war on Iran, and the damage to energy infrastructure in the Middle East, and disturbances in the Strait of Hormuz.
