Commodities
Oil Prices Plummet Amid Middle East Tensions
Oil prices plummeted over 2% on Monday as tensions in the Middle East escalated following a missile and drone attack by the Iranian-backed Houthi group on Saudi Arabia.
Despite the disruption to the East-West pipeline, oil flows from the region remain strong, with JPMorgan analysts noting that total average oil flow reached 17.1 million barrels per day over the past 10 days, although this is still 6.1 million barrels per day lower than the average in 2025.
The price of Brent crude futures for November delivery fell 2.22% to $101.56 per barrel, while US West Texas Intermediate (WTI) oil for October delivery weakened 2.23% to $98.06 per barrel, according to CNBC.