Oil prices retreat as US weighs market intervention
Oil prices fell on Friday as the US weighed market intervention and issued Russian oil waivers. Crude remains on track for its largest weekly gain since 2022.
Global energy markets observed a slight decline on Friday as the United States government explored potential interventions in futures markets to mitigate rising costs. Despite the daily dip, crude benchmarks are set to conclude the week with their most significant gains since early 2022. Brent Crude Oil Futures fell 95 cents, or 1.1%, to $84.46 per barrel, while WTI Crude Oil Futures dropped $1.08, or 1.3%, to $79.93 per barrel.
The weekly performance remains robust, with Brent up 16.4% and WTI climbing 19.2%. These gains are largely attributed to the outbreak of conflict on February 28 involving Israel and Iran, which has obstructed the Strait of Hormuz. This vital maritime corridor typically handles roughly one-fifth of the world's daily oil supply.
