$99.50: Oil Prices Plummet Amid Mideast Escalations and Improved Supply

Oil prices have fallen below $100 a barrel for the first time since April as tankers continue to trickle through key waterways despite escalating tensions in the Middle East.

The price of oil, also known as West Texas Intermediate (WTI), dipped to around $99.50 per barrel on Tuesday, down from its recent high of over $120.

This decline is attributed to a combination of factors, including increased production and improving supply chain logistics, which have helped to alleviate concerns about disruptions in global oil flows.