Brent crude oil futures fell 60 cents to $78.80 a barrel by 0957 GMT, while U.S. West Texas Intermediate crude futures slipped 57 cents to $75.28
Oil prices softened on Friday but were set for a second weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iran ian oil sites.
Yeap Jun Rong, market strategist at IG said reservations over high crude inventories and a possibly more gradual monetary easing by the U.S. Federal Reserve have put the recent rally on hold. Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.
Iran is backing several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen.
Energy Cent Oil Israel Barrel Iran Week Gain Impact National Oil Corporation NOC Milton
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