Brent crude falls 3.88% to $96.78, awaiting Middle East developments

Brent crude oil futures dropped 3.88% to $96.78 per barrel on Friday, falling back from a previous day's close above $100. The decline reflects ongoing concerns over Middle East tensions and their impact on global oil supply routes.

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The price of Brent crude oil for September delivery fell this Friday by 3.88% in the London futures market, to $96.78, after having surpassed the $100 level the previous day, pending the tension in the Middle East and transit through the Strait of Hormuz.

Traders are closely watching the situation in the Strait of Hormuz, a critical chokepoint for global oil trade, and the Bab al-Mandeb strait, an alternative route. Recent attacks claimed by Yemen's Houthi rebels, who are backed by Iran, on Saudi oil tankers in the Red Sea have heightened worries about maritime security.

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Despite this, in the week it accumulates a revaluation of 9.85% due to the military escalation between the United States and Iran and after Houthi rebel militias from Yemen, backed by Iran, claimed attacks on two Saudi oil tankers in the waters of the Red Sea and focused attention on maritime traffic through the Strait of Bab al-Mandeb, the gateway to that sea.

Despite Friday's dip, the price of Brent crude has seen a significant weekly increase of 9.85%. This rise is attributed to the escalating conflict between the United States and Iran. The market is now anticipating a potential return to negotiations between the two nations, which could moderate oil prices.

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This enclave has become one of the main alternative routes to the Strait of Hormuz, one of the main routes for world crude and gas trade that Iran maintains blocked after the US resumed hostilities.