Oil prices retreated Friday but remained on track for a weekly gain of nearly 10% after surpassing $100 per barrel for the first time in months. Brent crude settled at $103.78 per barrel, down 3.58%, while U.S. WTI stood at $99.23, falling 2.17%. Markets are bracing for a prolonged Iran war as the Middle East conflict escalates, with Saudi Arabia’s oil output hitting its lowest level since 1990. The Houthi capture of Yemen’s port city of Mokha, near the Bab el-Mandeb Strait, has also reignited concerns over Red Sea shipping safety.
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