ABU DHABI (Web Desk) – Global crude oil prices showed a modest decline despite ongoing tensions and conflict in the Gulf Cooperation Council (GCC) region.
Reports indicate that after significant volatility, oil prices fell slightly on Friday, with Brent crude trading near $100 per barrel and US crude around $95 per barrel.
Despite the recent decrease, the energy market remains uncertain. Analysts warn that the ongoing conflict in the Middle East and concerns over the Strait of Hormuz could impact global supply.
The tensions have also affected oil transportation and shipping in the region, raising concerns over potential disruptions in global energy delivery.
Energy experts highlight that the Strait of Hormuz is a critical passage for global crude supplies, carrying a significant portion of worldwide oil. Security concerns or military tensions in the area can directly influence oil prices and the global economy. Recent weeks have seen shipping disruptions and fears of supply shortages due to regional hostilities, contributing to market uncertainty.
Officials and market observers note that although a temporary decline in prices was observed, renewed spikes or volatility remain possible if tensions persist. Global energy agencies are monitoring the situation closely and may consider measures such as releasing strategic reserves to stabilise the market if necessary.