Oil falls by more than a dollar as markets await Middle East developments

Oil prices fell in Friday trading as markets awaited developments in the Middle East and the trajectory of escalating tensions between the United States and Iran.

Brent crude futures dropped by $1.03, or 1.2 percent, to settle at $88 per barrel.

U.S. West Texas Intermediate crude also declined by $1.50, or 1.8 percent, to reach $82.09 per barrel.

Despite today’s declines, both benchmarks are on track to post monthly gains of nearly 20 percent, supported by ongoing supply concerns amid geopolitical tensions in the region.