Oil drops 2% for third straight day: Brent $102.53, WTI $100.04 — heading for first weekly loss in three

Oil prices fell 2 percent on Friday, extending losses for a third straight day, as concerns over disrupted Saudi supplies eased and prevailed over anxiety about a wider conflict in the Middle East.

Brent futures fell $2.30, or 2.2 percent, to $102.53 a barrel by 06:36 GMT, while U.S. WTI fell $1.85, or 1.8 percent, to $100.04 a barrel.

Brent is on track for its first weekly loss in three weeks, down 2 percent overall — a notable correction from the highs above $107 at the start of the week.

The drop comes after Saudi Arabia managed to find alternative routes for its exports, through ship-to-ship transfers near Oman, and on expectations that the strategic East–West pipeline will be repaired within days. However, traders remain anxious, as the Strait of Hormuz is still blocked and any new escalation could send prices back up within hours.

Source: Al Jazeera