Oil Prices Decline Over the Week Despite Events in the Red Sea

Oil prices decreased last week, despite a rise on Friday at settlement, as an increasing number of oil tankers rerouted from the Red Sea following air and naval strikes by the United States and Britain on Yemen. Brent crude fell by 0.5%, while West Texas Intermediate (WTI) dropped by 1.1%. Brent crude futures rose by 88 cents, or 1.1%, to settle at $78.29 per barrel on Friday. The highest level during the session exceeded three dollars, with the barrel surpassing $80, marking the highest level this year. WTI increased by 66 cents, or 0.9%, to reach $72.68, losing gains previously made after hitting a peak of $75.25 in 2024.