Doha: Oil prices declined on Friday as markets awaited developments in the Middle East and the escalating tensions between the United States and Iran. Brent crude futures fell $1.03, or 1.2 percent, to $88 a barrel. West Texas Intermediate (WTI) crude futures also dropped $1.50, or 1.8 percent, to $82.09 a barrel.
According to Qatar News Agency, despite today's decline, both benchmarks remain on track to post monthly gains of nearly 20 percent. This comes as traders and investors closely monitor geopolitical developments that could impact oil supply and demand dynamics globally. The oil market remains sensitive to shifts in the geopolitical landscape, particularly in regions critical to energy production and distribution.