Bangla Press Desk: The prospect of a new conflict in the Middle East has somewhat diminished due to the United States' continued naval blockade of Iran. This has impacted global markets, where oil prices have fallen, heading toward a weekly decline for the second consecutive week. — Al Jazeera
On Friday (November 13), the price of Brent crude dropped by 28 cents—or 0.29 percent—to $95.54 per barrel. Simultaneously, the U.S. benchmark, West Texas Intermediate (WTI) crude, fell by 56 cents—or 0.63 percent—to $88.18 per barrel.
The oil market experienced significant volatility throughout the week. Prior to Friday’s decline, prices had risen for two consecutive days.
Earlier, market prices had dipped following reports suggesting a reduced likelihood of war between Iran and the U.S.-Israel alliance. However, subsequent attacks by Yemen’s Houthi rebels on Saudi infrastructure and oil tankers reignited tensions, which in turn influenced prices.
Now, with the U.S. maintaining its blockade on Iran, the fear of an outbreak of war has eased once again, leading to a downward trend in the market.
