Oil prices set for 12% weekly drop despite tanker attacks in Gulf

Oil prices are set to experience a significant decline this week, with both Brent and West Texas Intermediate (WTI) crude likely to fall around 12%, despite recent attacks on tankers in the Gulf and Strait of Hormuz. This drop comes as markets appear to weigh the impact of potential de-escalation in Middle Eastern conflicts, which has overshadowed immediate supply concerns from the tanker incidents. Current futures pricing indicates Brent at approximately $99.86 per barrel and WTI at $91.62, despite a recovery from an earlier 8% slump on Wednesday.

Source: Crypto Briefing