The decline snapped multi-day winning streaks for both Brent and WTI crude oil futures.

The price of oil surged again, with Brent crude surpassing $107 per barrel for the first time since May as markets brace for a long U.S. war with Iran.

The warning comes after the US-Iran conflict drives up heating oil and fuel costs.

U.S. stocks rebounded and clawed back much of their losses for the week after oil prices eased off their recent spurt

Foreign ministers from the Gulf Cooperation Council—which is comprised of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman—will meet their Iranian counterpart on Monday.

Analysts said they expected the price of Brent crude, the international benchmark, to remain elevated for the rest of the year.

Energy Aspects' Amrita Sen says oil prices are at an "inflection point", with the general trajectory higher as inventories are being drawn down at a rapid pace. She discusses how that will have an "upward spiral" on products such as diesel,

Austrian central bank governor Martin Kocher says risk of elevated inflation is higher than it was a few months ago