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Brent crude falls nearly 4%, barrel drops below $100 to under $97
🇵🇾 Paraguay /Energy & Infrastructure

Brent crude falls nearly 4%, barrel drops below $100 to under $97

From ABC Color · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News From a news agency Context piece
  • Brent crude oil prices fell nearly 4%, dropping below $97 per barrel.
  • The decline follows a surge driven by tensions in the Middle East and attacks on Saudi tankers.
  • West Texas Intermediate also saw a decrease, while natural gas prices slightly increased.

Global oil prices experienced a significant drop on Friday, with Brent crude falling by nearly 4% to trade below $97 per barrel. This decline reverses a sharp increase seen the previous day, which had pushed the benchmark above $100.

Earlier on Thursday, Brent crude had surged by over 7%, reaching $101 a barrel. This rise was fueled by escalating tensions in the Middle East, particularly after Houthi rebels in Yemen attacked Saudi oil tankers in the Red Sea, fulfilling earlier threats. The market reacted with concern over potential supply disruptions.

As of Friday morning, Brent crude for September delivery was trading down 3.97% at $96.63. Similarly, West Texas Intermediate (WTI), the U.S. benchmark, also decreased by 3.63% to $88.83 per barrel, after closing Thursday with a gain of over 6%. The market appears to be reassessing the immediate impact of the Middle East tensions on oil supply.

In contrast to the oil market's downward trend, natural gas prices saw a modest increase. After an initial dip, the price of natural gas per megawatt-hour rose by 0.29% to 62.08 euros.

DistantNews Editorial

Originally published by ABC Color in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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