Singapore, March 6 (QNA) - Oil prices declined on Friday for the first time in six sessions as markets weighed the possibility of US government intervention to curb surging prices, alongside measures aimed at easing supply tightness in global markets.
Brent crude futures fell $1.14, or 1.33%, to $84.27 a barrel, while US West Texas Intermediate (WTI) crude dropped $1.46, or 1.8%, to $79.55 a barrel.
The pullback comes after a sharp rally earlier this week, driven by escalating geopolitical tensions linked to the ongoing US-Israeli war on Iran and Tehran's retaliatory missile strikes. The conflict has disrupted oil tanker movements through the Strait of Hormuz, forced refinery shutdowns, curtailed production, and disrupted liquefied natural gas (LNG) export facilities across the region.
Despite Friday's decline, both benchmarks remain significantly higher. Brent and WTI have surged about 18% and 21%, respectively, over the past four trading sessions since the outbreak of hostilities.
Meanwhile, the US Treasury Department announced earlier on Friday a 30-day temporary waiver allowing Indian refiners to purchase Russian crude cargoes stranded at sea, a move aimed at maintaining global supply flows and easing upward pressure on energy prices amid heightened market volatility. (QNA)