Oil prices fell by approximately 1% during Asian trading on Friday, extending losses for a third consecutive session as hopes of establishing alternative routes for Middle Eastern crude shipments outweighed concerns over potential supply disruptions caused by regional tensions.
Brent crude futures declined by $1.01, or 1%, to $103.77 a barrel, while U.S. West Texas Intermediate futures dropped $1.03, also 1%, to $100.88 per barrel.
The decline followed a nearly 1% drop in both benchmarks at Thursday’s settlement, despite prices reaching their highest levels in around four months earlier this week.
