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Oil Prices Ease on Middle East Supply Uncertainty, Weekly Gain Looms
Greenwatch Desk
Energy
2026-10-16, 2:01pm
Oil prices eased on Friday but were set for a weekly gain due to uncertainty over Middle East supplies amid the ongoing conflict.
Brent crude futures fell 50 cents, or 0.47 percent, to $105.42 a barrel by 06:23 GMT.
US West Texas Intermediate crude futures were also down 49 cents, or 0.50 percent, to $97.48.
“Uncertainty in the Middle East and concerns over the sustainability of oil flows through the Strait of Hormuz has the market pricing in a significant risk premium,” ING analysts wrote in a note.
They added that an agreement between the US and Iran would be needed to give the market more confidence that stronger oil flows from the region would continue, reports AL Jazeera.