Oil prices are heading for their biggest weekly drop in over two years, falling about 12% this week. Despite rising slightly on Friday, Brent crude sits around $68 per barrel and WTI at $66.
The sharp decline came after the Iran-Israel ceasefire announcement removed fears of supply disruptions, eliminating the risk premium that had briefly pushed prices above $80.
With geopolitical tensions easing, the market has refocused on supply-demand fundamentals, including upcoming OPEC+ production decisions and strong inventory drawdowns in key regions.
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