Brent crude slips but remains above $100

Oil drilling rigs

Oil prices fell on Friday, though Brent crude remained above $100 per barrel, as investors monitored developments in the Middle East, with Iran threatening to keep the Strait of Hormuz closed.

In an attempt to curb rising prices, the US issued a second temporary waiver allowing purchases of Russian oil. US Treasury Secretary Scott Bessent said in a post on X that the measure is limited in scope and short-term, applying only to oil that is already in transit.

Brent crude futures for May delivery slipped 0.19%, or 19 cents, to $100.27 per barrel as of 8:50 am KSA time, after rising more than 9% in the previous session.

Meanwhile, US WTI crude futures for April delivery fell 0.53%, or 51 cents, to $95.22 per barrel.