Oil Retreats to $97 in Biggest Drop Since June; Chevron and BP Watch Closely

Brent crude fell roughly 4% on Friday to settle near $97 a barrel, its largest one-day decline since late June, pulling back from the $100-plus levels reached earlier in the week after Houthi militants attacked two Saudi tankers in the Red Sea.

The retreat offers a pause rather than an all-clear. Oil shipments remain under threat on multiple fronts — the Strait of Hormuz, the Red Sea and the Black Sea — and some analysts warn Brent could push toward $120 or beyond if the escalation deepens. Energy and commodities still led all sectors last week.

For integrated majors Chevron and BP, elevated crude supports upstream earnings, with Chevron set to report results this week. Both companies are also among U.S. and European firms in talks over new investment in Iraq, including a potential rebuild of the Kirkuk pipeline.