Oil Prices Decline as Geopolitical Tensions in the Middle East Ease
Global oil prices declined today, extending losses for a second consecutive session as concerns over a potential military escalation between the United States and Iran continued to ease.
Brent crude futures fell by $1.21, or 1.3%, to settle at $89.17 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped by $1.23, or 1.4%, reaching $86.48 per barrel.
On a weekly basis, oil prices recorded notable losses, with Brent crude declining by 4.2% and WTI crude falling by 4.4%, driven by improved geopolitical sentiment and reduced concerns over global energy supplies.
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