Key Points
- Brent slips below $88 a barrel
- WTI remains above the $80 mark
- Murban crude posts steepest decline
- Natural gas records modest gains
ISLAMABAD: Oil prices fell on Friday, extending losses from the previous session as traders assessed easing concerns over immediate supply disruptions in the Middle East despite continued geopolitical tensions in the region.
Brent crude declined 1.35 per cent to $87.83 per barrel, while US West Texas Intermediate (WTI) crude fell 1.71 per cent to $82.16 per barrel. Murban crude, a benchmark for Middle Eastern exports, dropped 2.60 per cent to $85.71 a barrel.
Natural gas prices, however, edged higher by 0.4 per cent to $2.769 per million British thermal units (MMBtu).
The decline follows a sharp rally in recent weeks driven by fears that the US-Iran conflict could disrupt energy supplies and shipping routes across the Strait of Hormuz.
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Market participants have since reassessed the risk outlook as oil exports through key corridors, including the Strait of Hormuz, the Suez Canal and Egypt’s Sumed pipeline, continue without significant interruption.
Oil still high
Despite the latest pullback, prices remain elevated compared with levels recorded before the recent escalation in regional hostilities. Brent crude continues to trade near a $88-per-barrel level, with WTI maintaining support above $80.
Analysts said markets remain highly sensitive to developments involving Iran, Israel, the United States and Yemen’s Houthis. They have warned that any disruption to Gulf energy infrastructure or shipping could quickly reignite supply concerns.
At the height of the recent US-Iran conflict, Brent crude briefly climbed above $100 per barrel before retreating as fears of widespread supply interruptions eased, according to market data and media reports.
