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Oil Falls 9% to Lows
Oil prices fell nearly 9% on Wednesday, reaching their lowest levels since September. Brent crude dropped 8.9% to $94.29 a barrel, while West Texas Intermediate fell 7.8% to $88.54. The decline came as hopes grew for a settlement to the war with Iran, following U.S. President Donald Trump’s announcement that he did not intend to launch further strikes, continued Qatari mediation efforts, and signs that diplomatic talks could resume. A partial recovery in Gulf exports also supported expectations of increased supply, while the course of negotiations and risks surrounding the Strait of Hormuz remain key factors influencing prices.
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