Oil Prices Plummet Below $100 as Pipeline Shutdown Takes Effect

Oil prices have fallen to their lowest levels in about two weeks, with Brent Crude dropping by 2.5% to below $98 a barrel on September 22.

The decline of U.S. Crude was even more significant, falling 3% to just under $90 per barrel.

The decrease is largely attributed to the temporary shutdown of Saudi Arabia's east-west pipeline after drone strikes damaged several pumping stations earlier this month. The pipeline had been moving around six million barrels of crude a day during the war.