MUSCAT : Brent crude futures fell 72 cents, or 0.72 per cent, to $99.97 a barrel on Friday, but remained on track to record a weekly gain of 13.5 per cent.

US West Texas Intermediate crude futures also slipped 70 cents, or 0.76 per cent, to $91.49 a barrel, while heading for a weekly rise of 10.9 per cent.

The weekly gains followed a strong rally on Thursday, when Brent crude climbed seven per cent and settled above $100 a barrel for the first time since May. US crude rose 6.2 per cent during the same session.

Market concerns intensified after attacks in the Red Sea raised fears that another strategically important global shipping route could face disruption or closure, potentially affecting the movement of oil and other commodities.

Supply pressures were further heightened by developments in Kazakhstan, where oil companies temporarily reduced production after the country’s main Black Sea export terminal was forced to shut down.

Kazakhstan’s Energy Ministry said suspected Ukrainian attacks had disrupted operations at the terminal, although it did not disclose the total size of the production cuts.

Industry sources said the Caspian Pipeline Consortium had suspended oil deliveries from Kazakhstan after loading operations were halted following attacks on two oil tankers at the terminal.

The pipeline carries approximately two per cent of the world’s daily crude oil supply, making any prolonged disruption a significant concern for international energy markets.

One industry source said Kazakhstan’s largest oil field had reduced its production by more than half as a result of the shutdown.

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