Commodities
Crude Oil Prices Plummet as Middle East Tensions Ease
US crude oil prices plummeted on September 21 as Middle East tensions eased and Saudi Arabian crude exports recovered. The price drop was one of the sharpest daily declines in crude prices this year, with WTI futures settling at $95.78 per barrel on the NYMEX.
The previous day's settlement had been around $100.30, meaning the front-month contract shed roughly $4.50 in a single day. At its worst, intraday losses exceeded 5% before settling slightly off the lows.
Easing geopolitical tensions and increased Saudi Arabian crude exports were the main drivers behind the price drop. Houthi attacks on shipping routes had been a major concern for weeks, but it seems that supply disruptions are no longer as pressing an issue.