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Brent crude falls 9 percent amid risk premium decline
Oil prices experienced a significant decline on Monday, with Brent crude futures dropping by 9.1% to $87.95 per barrel, and West Texas Intermediate (WTI) American futures falling by 7.4% to $82.67. This decline was driven by the fluctuating tensions between the United States and Iran, as Washington halted its aerial operations after 13 nights of strikes. The market interpreted this pause as a sign of reduced intensity in the escalating tensions, although further escalation remains possible if negotiations between the two sides break down. The markets are currently in a state of anticipation, with shipping activity through the Strait of Hormuz and the Bab el-Mandeb Strait decreasing, while some countries are relying on alternative methods to import oil amid dwindling emergency reserves.
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