Global Oil Prices Fall Nearly 7%, Hit Lowest Level Since July 13

Global oil prices recorded a sharp decline of nearly **7%** at the close of trading on Monday, settling at their lowest levels since **July 13**.

**Brent crude** fell by **$6.35** to close at **$83.77 per barrel**, while **US West Texas Intermediate (WTI)** crude dropped **$4.33** to settle at **$80.34 per barrel**.

The decline came as data released by the **US Department of Energy** showed that the country’s **Strategic Petroleum Reserve (SPR)** had fallen to its lowest level since **1983**.

According to the report, the reduction in reserves follows the Trump administration’s authorization to release **172 million barrels** of crude oil from the Strategic Petroleum Reserve.

Analysts say the sharp drop in oil prices reflects changing market sentiment, with investors closely monitoring global supply levels, energy demand, and geopolitical developments that continue to influence international oil markets.