Oil Dips As War-Weary Investors Are Gripped By Inflation Fearsby Ship & Bunker News TeamRate hikes are anticipated - along with demand reduction: File Image/PixabayDespite an escalation of hostilities between the U.S. and Iran and the latter attacking other Gulf nations all week, Brent on Friday fell 3.9 percent to $96.78 per barrel. West Texas Intermediate fell 3.1 percent to $89.31 per barrel. ING also noted that although Iran wants oil prices to climb “as high as possible,” the bigger problem is how long the Islamic republic can endure loss of revenue caused by the U.S. blockade of oil shipments. As for the element driving the price increases, data from Kpler showed that only six ships passed through the Strait of Hormuz on Thursday, the lowest level since May. Adding to the disruption was Kazakhstan, which reported that it had reduced oil production after drone attacks forced its main export terminal on the Black Sea for CPC Blend to close.