Commodities
Middle East Conflict Hopes Send Oil Prices Plummeting
Oil prices have been experiencing a significant drop on Monday morning due to hopes of resolving the ongoing conflict in the Middle East. According to reports, the price of October futures for Brent crude oil has fallen to $83.22 per barrel on the ICE Futures stock exchange in London. This represents a decline of $4.71 (5.36%) from the previous trading session's close.
On Friday, prices had risen by $1.05 (1.2%) to $87.93 per barrel for Brent crude oil. However, the recent developments have led to a sharp correction in the market. The price of September futures for WTI crude oil has also fallen by $5.2 (6.14%) to $82.75 per barrel on the New York Mercantile Exchange (NYMEX).