Oil prices drop below $100 but Brent and WTI set for weekly gains of about 9%
Brent crude fell to $105.15 while U.S. WTI hit $99.68, yet both contracts were on track to finish the week higher.
Oil prices retreated on Friday as Brent crude futures traded at $105.15 a barrel and U.S. West Texas Intermediate fell to $99.68 per barrel. Both benchmarks had dropped below the $100 mark, but analysts confirmed both sets of contracts were set for a weekly gain of about 9%. This represented the end of five consecutive days of gains for Brent crude and an eight-day winning streak for WTI.
The price decline followed reports that top White House advisors discussed with President Donald Trump the possibility that Middle Eastern hostilities could persist beyond his current term. Iranian state media also announced plans to meet Gulf states in Oman to discuss the Strait of Hormuz. Deutsche Bank's Jim Reid stated that geopolitical fears are driving market activity. In other financial markets, European stock indices closed higher on Friday amid improved risk appetite.
Airbus shares rose 1.4% after announcing a buyback program for up to 4.1 million units. In France, Finance Minister Roland Lescure revised growth projections for 2026, reducing the estimate from 0.7% to 0.5%. He acknowledged that debt deficit targets would not be met.
