Global Oil Prices Drop Over 8% as Middle East Tensions Ease

LONDON: Global crude oil prices fell sharply by more than 8% after easing tensions in the Middle East, boosting optimism across international energy markets.

The price of Brent crude, the international benchmark, declined by $8.39 per barrel to $88.39 per barrel.

Meanwhile, U.S. West Texas Intermediate (WTI) crude dropped by $6.59 per barrel, settling at $82.72 per barrel.

The Murban crude benchmark from the United Arab Emirates also recorded a significant decline, falling by $12.05 per barrel to $85.00 per barrel.

Analysts said the sharp drop in oil prices reflects reduced geopolitical concerns in the Middle East, easing fears of potential disruptions to global crude oil supplies and contributing to a more positive outlook for energy markets.