Oil Prices Plummet on Easing Middle East Tensions

Global oil prices declined by more than 2% on Tuesday as signs of de-escalation in the Middle East reduced concerns over potential supply disruptions.

The Brent crude futures for September delivery fell 1.34% to $87.18 per barrel, while US West Texas Intermediate (WTI) crude dropped 1.22% to $81.60 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

However, during daytime trading, Brent crude prices fell further, dropping below $84 per barrel for the first time since mid-month.

The October Brent crude futures declined 2.34% from the previous close to $83.86 per barrel.