Oil set for sharp weekly drop but Middle East supply concerns provide floor - Reuters

Oil prices are positioned for a significant weekly decline, with some reports indicating a drop of 12%. While market confidence in geopolitical de-escalation may stabilize future energy costs, ongoing supply concerns in the Middle East continue to provide a price floor. This downward trend persists despite recent tanker attacks in the Gulf. The current market dynamics reflect a tension between broader economic stabilization and specific regional risks affecting global energy supply chains and pricing.