Brent crude fell 1.7% to $96.67 per barrel, extending its steepest weekly decline since the COVID-19 pandemic began, with a cumulative weekly loss of 16%. The average price of gasoline in the United States dropped to around $4.01 per gallon, approaching a potential move below $4. Easing geopolitical tensions and diplomatic efforts involving Iran have reduced concerns about supply disruptions, although threats near the Strait of Hormuz remain. Markets now assign a 5.5% probability to Brent reaching a new record high by December 31, down from 8% the previous day and 16% a week earlier. Upcoming OPEC production decisions and changes in global demand will remain key factors for the oil price outlook.
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