In a volatile trading session, oil prices retreated on Friday, snapping a brief rally, but still managed to post their second consecutive weekly gain. Brent crude futures shed 36 cents, or 0.45%, to settle at $79.04 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped 29 cents, or 0.38%, to $75.56 per barrel.
The price retreat came despite growing concerns over potential supply disruptions in the Middle East, a region critical to global oil production. Investors remain cautious, weighing the likelihood of escalated tensions and their impact on crude output.
Meanwhile, Hurricane Milton’s landfall in Florida has sparked worries about fuel demand destruction. The storm’s aftermath is expected to influence oil consumption patterns in the affected regions.
Despite Friday’s decline, oil markets have generally trended upward over the past two weeks. Geopolitical uncertainty, coupled with supply chain concerns, continues to support oil prices.