Oil falls as tensions ease U S WTI drops below 80

Oil prices declined on Tuesday amid easing concerns over supply disruptions following the cessation of attacks in the Middle East. As a result, Brent crude fell by more than 3% to around $80 per barrel, the lowest since just over two weeks ago. U.S. West Texas Intermediate (WTI) also dropped below $80, reaching its lowest level since July 20, driven by a decline in the risk premium that had previously supported prices. The future of oil prices is closely linked to developments in the geopolitical situation in the region, with markets awaiting the upcoming OPEC+ alliance meeting scheduled for August and U.S. crude oil inventory reports, which are expected to reflect demand levels.

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