Oil Prices Head for Weekly Loss Despite Iran Tensions
· Business · Economic Times, LiveMint, Reuters
Oil prices dipped on Friday, putting both benchmarks on track to snap a two-week winning streak amid ongoing geopolitical tensions. Brent crude futures fell 25 cents to $89.45 a barrel in Singapore, while West Texas Intermediate dropped 22 cents to $83.31. For the week, Brent is down 5.3% and WTI has fallen 4.3% following reports that the US has no current interest in reviving talks with Iran. The market downturn comes as Washington maintains strict sanctions on Tehran and Moscow issues warnings regarding long-range missile strikes.
Why it matters
Global energy markets face sustained volatility as geopolitical friction between the US, Iran, and Russia influences crude supply expectations.
Read the original report — Economic Times
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