Brent crude oil price is trading at $108.27 in international futures markets, down 0.3% at week ending on Friday.
Brent crude rose to as high as $119.13 per barrel before ending the day at $108.65 on Thursday.
Brent crude fell 0.3% compared to the previous close at 1120GMT, reaching $108.28 per barrel while West Texas Intermediate (WTI) crude oil was trading at $94.98 per barrel.
The easing in oil prices was influenced by a statement from Israeli Prime Minister Benjamin Netanyahu, who said that Israel has been assisting the United States in reopening the Strait of Hormuz through "intelligence and other means."
Oil prices, which have fluctuated throughout the week due to ongoing conflicts in the Middle East, have not stabilized despite measures aimed at regulating the market.
Escalating tensions in the Middle East, precision strikes on oil infrastructure, and losses within the Iranian leadership signal the possibility of long-term disruptions in global oil supply.
Measures such as the International Energy Agency (IEA) member countries agreeing to release 400 million barrels of strategic petroleum reserves, the US granting temporary exemptions to sanctions on Russian oil stranded at sea, and suspending certain maritime laws have not been enough to halt the rise in oil prices.
- Supply concerns due to attacks on facilities
Oil prices continued to fluctuate following attacks on some refineries of the South Pars natural gas field, located in the Persian Gulf in southern Iran.
It was also reported that Iranian missile attacks targeting the Ras Laffan area in Qatar, where the country’s main liquefied natural gas (LNG) processing facilities are located, caused “extensive damage” to energy infrastructure.
The Kuwait Petroleum Corporation also announced that the Mina Abdullah Refinery was targeted by a drone attack, which caused a fire at the facility.
These developments increased supply concerns, providing upward support for oil prices.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr