Oil prices retreated on Friday, but remained on track for a weekly gain of almost 10% after soaring above $100 a barrel for the first time in months.
As of 6:27 a.m. ET, front-month Brent crude oil futures, the global benchmark, were down by 3.58% to trade at $103.78 a barrel. West Texas Intermediate futures, their U.S. counterpart, were down 2.17% to $99.23 per barrel. On Thursday, Brent crude peaked at around $108 a barrel, while WTI hit more than $104.
Brent futures were on course for a weekly gain of 8.4%, and set to end the week above the critical $100 mark for the first time since mid-May. WTI's week-to-date gain stood at 9.2%.
Friday's decline snaps five consecutive days of gains for Brent crude and an eight-day winning streak for WTI.
Markets are bracing for a protracted Iran war, reacting to escalating conflict in the Middle East and a Wall Street Journal report that said top White House advisors had discussed with President Donald Trump the possibility that the conflict could drag on beyond his current term.