Crude oil prices fell 1.58% on Friday as diplomatic optimism in the Middle East countered persistent supply concerns, while natural gas prices ticked higher on short covering.
Crude prices retreated due to hopes for Middle East diplomacy and resumed flows, despite ongoing supply disruptions from Houthi attacks and Russian infrastructure damage.
Natural gas prices rebounded on pre-weekend short covering as mentioned in the market summary.
WTI crude oil prices retreated 1.58% on Friday as market participants weighed potential diplomatic breakthroughs in the Middle East against ongoing supply disruptions. While Houthi militant activity and Russian infrastructure damage continue to threaten global output, the prospect of resumed regional flows pressured prices lower. Meanwhile, natural gas prices saw a modest rebound driven by pre-weekend short covering.
Prices retreated due to emerging hopes that diplomatic efforts could lead to the resumption of crude flows from the Middle East, offsetting fears regarding Houthi militant attacks and pipeline shutdowns.