Morocco: Oil prices fell on Friday, extending losses for a second consecutive session as concerns over a potential military escalation between the United States and Iran eased. Brent crude futures declined by USD 1.21, or 1.3 percent, to USD 89.17 a barrel. US West Texas Intermediate (WTI) crude futures fell by USD 1.23, or 1.4 percent, to USD 86.48 a barrel.
According to Qatar News Agency, the decline in oil prices this week was significant, with Brent crude recording a loss of 4.2 percent, while WTI declined by 4.4 percent. The easing of tensions in the Middle East has been a key factor influencing the market, as traders adjust their positions in response to the reduced likelihood of conflict between major oil-producing nations. The decline in prices reflects the market's reassessment of potential supply disruptions in the region.