Oil Prices Drop Over 4.6% as Middle East Tensions Ease

3 days ago

International crude oil futures prices fell more than 4.6% as geopolitical tensions in the Middle East showed no signs of actual oil supply disruptions. West Texas Intermediate (WTI, Financial) crude for November delivery dropped $3.57, or 4.63%, to settle at $73.57 per barrel. Meanwhile, Brent crude for December delivery fell $3.75, or 4.63%, closing at $77.18 per barrel.

According to Tamas Varga, an analyst at oil brokerage firm PVM, the recent spike in oil prices was short-lived and driven purely by market perception rather than actual supply interruptions. The price surge followed Iran's launch of ballistic missiles at Israel, fueling fears of a potential retaliatory strike on Iran's oil industry by Israel. However, no tangible supply disruptions were observed, leading to the recent price decline.

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