Middle East Supply Fears Ease, Oil Prices Plummet by Over 3%

Oil prices plummeted on Thursday as concerns over Middle Eastern supply fears eased. The international benchmark Brent crude fell by 3.5% to around $102.10 per barrel, while US benchmark WTI dropped 3.1% to $99.31.

The decline in oil prices extended from the previous session, when Brent had fallen 2.7% and WTI 3.2%, as market participants reacted to shifting supply dynamics.

Market volatility is expected to persist due to ongoing geopolitical tensions and persistent risks associated with the Strait of Hormuz, a critical chokepoint for global energy shipments.