Oil prices retreated from a morning high of $72.83 as selling pressure erased early gains linked to Middle East tensions.
West Texas Intermediate crude fell 1% to $70.98 on Friday, reversing a European-morning surge that briefly pushed prices to $72.83. The decline followed a session low of $70.70 as New York trading volumes overwhelmed earlier buying interest.
The pullback extends a pattern of volatile swings tied to fragile ceasefire negotiations in the Middle East. Prior sessions saw similar intraday spikes that failed to hold amid persistent supply concerns and shifting geopolitical risks.
No immediate market reaction was reported beyond the price movement, though traders continue to monitor developments for potential supply disruptions.