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Oil prices pulled back on Friday, but Brent crude futures hovered above the $100 mark. The decline snapped multi-day winning streaks for both Brent and WTI crude oil futures.
Brent crude and West Texas Intermediate's front-month contracts edged lower on reports of plans for diplomatic talks between Gulf states.
The U.S. 10-year Treasury yield creeps closer to 5% as Treasury Secretary Scott Bessent's market intervention disappoints, while crude prices move deeper into triple-digit territory. That's as President Trump doubles down on his pledge for a $5,000 “dividend” if Republicans win both the House and the Senate in the midterms.
Global oil supply and demand will fall further than previously thought this year, the International Energy Agency said on Friday, as a lack of progress in ending the Iran war delays the return of normal Middle East flows into 2027 and sends fuel prices soaring.
Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." -------- More on Bloomberg Television and Markets Like this video?
Oil fell after surging in the previous session, as traders assessed growing risks to Middle East crude exports following fresh territorial gains by Iran-backed Houthi militants in Yemen.
Hormuz traffic falls as Red Sea risks deepen supply concerns, while Brent holds above $104, WTI stays bullish and natural gas tests resistance.
Oil prices rose on Friday and both major benchmarks are on track to end the week at over $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies.