Oil Prices Plummet Over 3% Amid Eased Middle East Supply Concerns
Oil prices plummeted by over 3% on Thursday as concerns over immediate supply disruptions in the Middle East eased.
The international benchmark Brent crude declined 3.5% to around $102.10 per barrel as of 1215GMT, while US benchmark West Texas Intermediate (WTI) dropped 3.1% to $99.31 per barrel, falling below the $100 threshold.
Prices came under pressure after developments offering alternative export routes and the prospect of restoring disrupted infrastructure reduced fears of an acute supply shortage.
The Strait of Hormuz remains a key source of risk as it is a critical route for global crude oil and liquefied natural gas shipments, while the Russia-Ukraine conflict adds pressure to refined product markets amid attacks on Russian refinery infrastructure.