Commodities
Oil Prices Drop Amid Ongoing Middle East Supply Disruptions
Global oil prices dropped on September 11 after surging due to concerns about prolonged supply disruptions following attacks on Middle Eastern shipping routes.
The average price of diesel fuel in the United States exceeded $6 per gallon for the first time, as reported by GasBuddy.
Brent futures fell by $3.45, or 3.21%, to $104.18 per barrel, while U.S. West Texas Intermediate crude lost $2.96, or 2.89%, and traded at $99.52 per barrel.
UBS analyst Giovanni Staunovo noted that reports of possible new talks between foreign ministers in the Middle East and Iran on a temporary arrangement for shipping through the Strait of Hormuz were exerting moderate pressure on prices.