Saudi Defense Coalition Cools Oil Price Frenzy

Oil prices plummeted on Thursday (30th) after an intraday surge of nearly 8% in the previous session, ultimately closing lower.

Saudi Arabia spearheaded a maritime defense coalition to bolster shipping security around the Red Sea, alleviating market panic over potential disruptions to Middle Eastern crude supply and prompting traders to lock in profits.

Brent crude futures fell $1.71 (1.88%) to settle at $89.03 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped 87 cents (1.03%) to settle at $83.59 per barrel.