Oil Prices Plummet as Emergency Reserve Release Speculation Grows

Oil prices plummeted on Friday as discussions about releasing emergency energy reserves offset concerns over Middle Eastern supply risks. The WTI crude benchmark fell by $3.59, or 3.87%, to trade around $89.28 per barrel.

The Brent crude benchmark also declined, trading at around $99.62 per barrel, down $2.69, or 2.63%, from Thursday's settlement of $102.31.

European governments are considering releasing 50 million barrels of diesel and potentially another 50 million barrels of crude from International Energy Agency members to relieve shortages in global fuel markets.