Oil slides nearly 2% as markets look past fresh Iran tensions and focus on supply outlook

Oil prices took another dive on Friday, dropping nearly 2%, as investors shifted their attention from escalating tensions in the Middle East to the broader supply outlook. Despite fresh concerns over Iran's actions, traders are more preoccupied with the potential for increased production from OPEC members like Iraq. This shift underscores a market focus on supply dynamics rather than geopolitical risks, highlighting the complex interplay between global events and economic factors.