Global crude oil prices have retreated to their lowest levels since the outbreak of the Iran conflict, as market participants digest easing supply concerns.
The sell-off marks a significant shift in sentiment, with traders unwinding risk premiums that had previously supported higher valuations amid geopolitical tensions.
98. US West Texas Intermediate (WTI) also declined sharply, dropping below the psychological $70 barrier to $69.
Brent crude futures fell more than $3 a barrel, settling at $73.98.
US West Texas Intermediate (WTI) also declined sharply, dropping below the psychological $70 barrier to $69.95.
The move represents a rapid repricing of the supply risk premium that had been embedded in energy markets following the escalation of hostilities.
The decline comes after oil prices had previously surged to their highest levels since the start of the war, according to earlier reports.