Brent Crude Falls Below $97 as Gulf Oil Exports Return to Pre-War Levels
Source Summary
Brent crude fell to $97.36 per barrel and West Texas Intermediate dropped to $89.57, marking a sharp decline from over $103 and $90 respectively the previous day. The price drop followed reports from JP Morgan, Goldman Sachs, and Kpler indicating that oil flows from the Persian Gulf had returned to pre-war levels, with Kpler reporting export figures near 80%.
Why it matters
Restored Persian Gulf oil supply reduces global crude scarcity and eases upward pressure on energy prices that had driven inflation concerns.
