Brent crude futures closed Friday at $96.78, marking a 3.88% decline for the session but preserving a massive 33.5% gain since the outbreak of the Iran conflict.
The European benchmark now trades significantly above its pre-war level of $72.48, underscoring the persistent risk premium embedded in energy markets despite intraday volatility.
The pullback follows a period of intense repricing, with crude oil markets recording their largest two-day percentage gain in four months earlier in the week.
According to Handelsavisen archive data, the surge was driven by reports of escalating military activity in the Middle East, which triggered a sharp rally that pushed prices to their highest levels since the conflict began.
The Friday decline suggests some profit-taking or short-term sentiment cooling, but the structural upward trajectory remains intact.
This sustained elevation in oil prices reflects the market's ongoing assessment of supply disruption risks.