Oil retreats from above $100, but set for weekly rise on Middle East escalation
XLE•Russia and Kazakhstan developments
Elsewhere, Russia said on Friday that its forces had struck three Ukrainian ports overnight targeting infrastructure — including loading and unloading facilities and fuel reserves — which supported Kyiv's armed forces.
On Thursday, Kazakhstan's energy ministry said oil companies temporarily reduced production after suspected Ukrainian drone attacks forced the country's main Black Sea export terminal to close.
Oil falls on Friday but stays on track for weekly gains
Oil futures prices fell over 3% on Friday but are still set for hefty weekly gains because of concerns about disrupted energy flows in the Red Sea and fears of further escalation in the U.S.-Israeli war with Iran.
Brent futures fell nearly $4, or 3.96%, to $96.70 a barrel at 0946 GMT, having settled above $100 in the previous session for the first time since May after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea.
