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Global oil prices moved lower on Friday after operations resumed at Oman’s key Mina al Fahal oil terminal following reports of a drone-related incident. Despite the daily decline, both Brent crude and West Texas Intermediate (WTI) crude posted weekly gains, ending a two-week losing streak as ongoing Middle East tensions continued to support energy markets.
Brent crude futures for August delivery fell 2.3% to settle at $92.89 per barrel, while U.S. WTI crude futures for July delivery dropped 3% to close at $90.25 per barrel. Investors remain focused on geopolitical developments that could further disrupt global oil supply.
Market concerns eased after Oman confirmed that activities at the Mina al Fahal export terminal had returned to normal. Reports indicated that an explosion occurred near two offshore loading points, allegedly linked to a drone attack. Several oil tankers were reportedly anchored near the port during the disruption, highlighting the vulnerability of critical energy infrastructure in the region.
However, hopes for a broader Middle East peace agreement weakened after Hezbollah rejected a proposed ceasefire between Israel and Lebanon. The development complicated ongoing diplomatic efforts involving Iran, a key ally of Hezbollah. Analysts view the setback as a sign that regional instability may continue, keeping upward pressure on crude oil prices.
The conflict has expanded beyond Iran and Israel, with military activity reported across several parts of the Gulf region. Continued disruptions around the Strait of Hormuz, one of the world's most important oil shipping routes, remain a major concern for global energy markets and inflation.
For the week, Brent crude gained 0.9%, while WTI advanced 3.2%. Meanwhile, a Federal Reserve Bank of Boston study suggested the U.S. economy is less vulnerable to oil shocks than in previous decades. The report found that while rising oil prices still contribute to inflation, their impact on employment is now significantly smaller.
Strong U.S. nonfarm payroll data also reinforced expectations that the Federal Reserve may keep interest rates elevated for longer, as policymakers continue to monitor inflation risks linked to higher energy costs.
