August WTI futures fell $3.99 to $71.53 as traders priced out Middle East supply disruption risks amid increased Iranian oil expectations.
August WTI crude futures dropped 5.28 percent, or $3.99, to settle at $71.53 after trading between $78.14 and $68.90 during the week. The decline reflected shifting trader sentiment away from fears of Persian Gulf supply disruptions.
The contract had previously risen on geopolitical tensions but reversed course as focus turned to potential increases in Iranian oil exports. The weekly loss marked a sharp pullback from earlier gains.
Market participants reassessed supply risks, reducing premiums built into prices over recent weeks.