Profit-taking pressures WTI prices despite geopolitical tensions, with increased tanker activity easing supply concerns.
West Texas Intermediate crude fell to near $80.50 in early European trading Friday, retreating from recent highs as traders took profits. The decline occurred despite ongoing Middle East conflicts, which have supported prices in recent sessions.
Prior to the drop, WTI had climbed above $82 earlier this week, driven by supply disruption fears. Analysts noted the pullback aligns with typical profit-taking after sharp rallies, though demand concerns persist.
Increased traffic through the Strait of Hormuz, a key oil transit chokepoint, may have eased immediate supply fears, contributing to the downward pressure on prices.