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Transcontinental geopolitical region
The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referred to in Western Europe as the Near East, which was juxtaposed with the Far East. Unlike West Asia's adherence to continental boundaries, the Middle East is demarcated by following political borders and consequently includes East Thrace in Southeast Europe because it is a part of Turkey.
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Prices have been volatile this week as threats to shipping in the Gulf and the Strait of Hormuz, have increased.
Oil prices fell on Friday as concerns over Middle East supply disruptions eased after US President Donald Trump said Washington would not attack Iran before next month's US elections. He also cited progress in talks aimed at ending the conflict, which has disrupted global oil markets.