WTI crude falls 2.76% to $92.00 as traders focus on upcoming US jobs data over geopolitical risks.
West Texas Intermediate crude dropped to $92.00, down 2.76% on Friday, as markets dialed back concerns over Middle East tensions. The retreat reflects a reduced geopolitical risk premium following recent developments in the Strait of Hormuz.
Earlier in the week, oil prices had climbed on fears of supply disruptions, but sentiment shifted as traders awaited the US nonfarm payrolls report. Analysts expect the data to influence Federal Reserve policy and broader economic expectations.
The decline underscores a pivot toward macroeconomic drivers over geopolitical factors in near-term oil pricing.