Oil Prices Slide Amid Renewed Middle East Tensions

Oil prices fell sharply on Wednesday due to renewed hostilities in the Middle East. Brent crude futures dropped $2.67, or 2.68%, to $96.91 a barrel, while U.S. West Texas Intermediate (WTI) crude lost $3.43, or 3.65%, to $90.46 a barrel.

The decline came after the recent U.S. strikes on Iranian missile sites and vessels that were allegedly attempting to lay mines in the Strait of Hormuz, which had raised hopes for a framework agreement between Washington and Tehran to end the conflict.

PVM analyst Tamas Varga noted that 'there has been palpable progress towards ending the crisis' but added that 'the downward pressure has resumed.'