5 Hrs
Source:
CNN Arabic
Oil prices drop sharply amid Iran and Houthi tensions
Global oil prices experienced a significant decline following the cessation of hostilities between the United States and Iran. Brent crude fell to its lowest level since April 8, reaching $85.87 per barrel, a decrease of 11.3%, while U.S. crude dropped to $82.61, down by 7%. This decline came after the American president announced that strikes on Iran had stopped at Iran's request, warning of a return to attacks if no new ceasefire agreement is reached. Concerns persist over the halted navigation in the Strait of Hormuz, with the number of passing ships dropping to fewer than 10. Markets also fear possible attacks by the Houthis on Saudi oil tankers, which could disrupt export routes through the Gulf and the Red Sea. In global markets, the Dow Jones index saw a slight rise of 0.51%, while the Nasdaq declined by 0.18%.
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