19 Hrs
Source:
الاقتصادية
Oil drops 8% amid US-Iran tensions
Oil prices sharply declined by up to 8%, falling to around $89 per barrel, following the cessation of the US-Iran face-off that halted shooting exchanges. This pause reduced fears of disruptions in oil supplies and shipping movements through the Strait of Hormuz, leading to a drop in Brent and West Texas Intermediate crude prices. Military tensions had previously pushed oil prices above $100 for the first time since May, but they retreated as the prospects of escalation diminished. This development comes amid market anticipation of central banks' decisions on interest rates, as policymakers face a dilemma between slowing inflation and the potential risks posed by rising oil prices.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)