Oil prices fall, on track for biggest weekly gain since 2022

Oil drilling rigs

Oil prices declined on Friday but are still on track to record their largest weekly gains since 2022, driven by concerns over supply disruptions amid the conflict in the Middle East.

Brent crude futures for May delivery fell 0.82%, or $0.70, to $84.71 per barrel as of 08:52 a.m. Makkah time, though they remain up by about 17% this week.

Meanwhile, US crude futures for April delivery dropped 1.26%, or $1.02, to $79.99 per barrel, after surging about 8.5% yesterday to $81.01.

The pullback came after the US signaled imminent measures to ease pressure on prices, while the US Treasury Department eased restrictions on India’s ability to purchase Russian oil.

US Interior Secretary Doug Burgum said the administration is reviewing a range of options to address the sharp rise in oil and gasoline prices, adding—according to Bloomberg—that all options remain on the table.

Goldman Sachs also warned that Brent crude could exceed $100 per barrel if disruptions in the Strait of Hormuz persist for five weeks.