Oil prices set for 12% weekly drop despite tanker attacks in Gulf

Oil prices are set to experience a significant decline this week, with both Brent and West Texas Intermediate (WTI) crude likely to fall around 12%, despite recent attacks on tankers in the Gulf and Strait of Hormuz. This drop comes as markets appear to weigh the impact of potential de-escalation in Middle Eastern conflicts, which has overshadowed immediate supply concerns from the tanker incidents. Current futures pricing indicates Brent at approximately $99.86 per barrel and WTI at $91.62, despite a recovery from an earlier 8% slump on Wednesday. The focus will be on geopolitical developments in the Middle East, specifically any de-escalation that could further influence oil prices.

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