Global oil markets experienced a pronounced wave of decline during recent trading sessions, as prices retreated from previous levels under pressure from rapidly evolving geopolitical variables, amid a gradual repricing of supply and demand balances in the global market.
In terms of weekly performance, futures contracts for benchmark Brent crude fell to $80.57 per barrel, compared with $87.33 the previous week, a decline of $6.76 per barrel, equivalent to a drop of 7.74%.
West Texas Intermediate crude also suffered relatively larger losses, falling from $84.88 per barrel to $76.51, recording a decline of $8.37 per barrel, or 8.65%, reflecting the strong selling pressure that dominated the market during the recent period.