Oil Prices Plunge Below $90 as Middle East Tensions Ease

Oil prices plummeted sharply in the first trading session of the week, with Brent oil losing over 7% and falling below $90 per barrel. The decline reflected investors' cautious sentiment as geopolitical tensions in the Middle East appeared to be cooling down.

On July 27, Brent oil on the ICE exchange fell 7.44% to $89.58 per barrel at 1:01 AM Moscow time. This marked a new low for the morning trading session. By 7:45 am, the decline narrowed, but Brent oil prices were still 5.07% lower than the previous session, trading at $91.87 per barrel.

WTI crude oil for August delivery also fell 5.34% to $84.54 per barrel. The sharp drop in oil prices came just days after Brent oil surpassed the $100 per barrel mark due to concerns over Middle East conflicts disrupting global supply.