Doha: Oil prices fell in trading on Friday but remained on track for weekly gains of more than 6% amid renewed escalation between the United States and Iran. Brent crude futures saw a decrease of 23 cents, or 0.24%, bringing the price to $95.29 a barrel, while US West Texas Intermediate (WTI) experienced a drop of 54 cents, or 0.59%, settling at $90.76.
According to Qatar News Agency, despite the dip on Friday, Brent crude was up by 6.1% for the week, while WTI had gained 8.3%. The increase in oil and fuel prices has contributed to inflation and higher government borrowing costs globally. These economic pressures have raised concerns that the global economy might encounter a more severe downturn.