Brent crude drops 2.7% on demand concerns, still set for strongest weekly gain since July

Brent crude fell 2.7% to $104.71/barrel in London after a sector report highlighted weakening demand, though prices remain on track for the strongest weekly gain since July. The drop reflects demand destruction from elevated prices amid the Middle East crisis and Iran conflict, but the weekly gain underscores persistent supply risk. The report's specifics are unstated, leaving the demand-supply balance uncertain.