Oil prices fell more than 4% during Friday trading, influenced by a report on Chinese moves to support mediation and revive peace talks between Washington and Tehran, along with traders carrying out profit-taking operations following the strong gains seen in markets throughout the week.

Brent crude futures declined to around $96.28 per barrel, after settling above $100 in the previous session for the first time since last May. In the same context, West Texas Intermediate (WTI) crude futures fell to $88.58 per barrel.

Despite the decline recorded at the end of the week, the two benchmark crudes were on track to achieve weekly gains of nearly 7%, supported by a decrease in maritime navigation in several vital corridors and continued concerns about global energy supply security.

The trading movement reflects the balance between downward pressures resulting from political de-escalation efforts, and ongoing fears of new disruptions that could affect oil flows and shipping traffic in major waterways.

Discuss the news with artificial intelligence.