Oil Prices Dip After Six-Day Rally Amid US Market Measures

QNA/APP

Singapore: Oil prices fell on Friday for the first time in six sessions as markets considered potential US government intervention to curb rising prices and efforts to ease global supply pressures.

Brent crude dropped $1.14, or 1.33%, to $84.27 per barrel, while US West Texas Intermediate (WTI) fell $1.46, or 1.8%, to $79.55 per barrel.

The recent pullback follows a sharp rally earlier this week, fueled by escalating geopolitical tensions surrounding the US-Israel conflict with Iran.

Tehran’s retaliatory missile strikes have disrupted tanker movements through the Strait of Hormuz, caused refinery shutdowns, limited production, and impacted liquefied natural gas (LNG) exports.

Despite Friday’s decline, both benchmarks remain significantly elevated, with Brent and WTI rising roughly 18% and 21%, respectively, over the past four trading sessions.

In a related development, the US Treasury Department announced a 30-day temporary waiver permitting Indian refiners to purchase Russian crude cargoes stranded at sea.

The move aims to maintain global supply flows and ease upward pressure on energy prices amid heightened market volatility.