The price of the benchmark international oil contract Brent North Sea has slumped more than five per cent as traders weigh the impact of fresh Middle East attacks on world crude supplies, AFP reports.
Brent has dropped to $95.61 a barrel, having surged above $100 on Thursday. The main US contract, West Texas Intermediate, has shed 4.1pc to $88.40 a barrel.
“Having advanced all week, oil prices finally ran into some profit-taking,” notes Chris Beauchamp, chief market analyst at trading platform IG.
