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Brent Oil Retreats Below USD105
(MENAFN) Brent crude oil prices dropped roughly 3% to under $105 per barrel in global futures trading on Tuesday, reversing earlier gains as market turbulence subsided following the recent war-driven spike.
The international benchmark was quoted at $103.42 per barrel at 16:45 GMT, while the US benchmark, West Texas Intermediate, traded at $101.45 per barrel.
Oil prices had surged on Monday after assaults targeted several refineries at Iran’s South Pars natural gas field in the Persian Gulf, followed by Iran’s retaliatory actions. These events intensified worries over potential supply interruptions in the region.
Despite Monday’s jump, prices later retreated below the $105 mark. Nevertheless, markets remained notably unsettled, with investors apprehensive that the wider Gulf conflict could still stoke inflation and heighten global recession risks.
Brent has nevertheless recorded significant gains in recent sessions as traders continue to factor in geopolitical tensions in the Middle East and the potential for disruptions to energy flows.
The international benchmark was quoted at $103.42 per barrel at 16:45 GMT, while the US benchmark, West Texas Intermediate, traded at $101.45 per barrel.
Oil prices had surged on Monday after assaults targeted several refineries at Iran’s South Pars natural gas field in the Persian Gulf, followed by Iran’s retaliatory actions. These events intensified worries over potential supply interruptions in the region.
Despite Monday’s jump, prices later retreated below the $105 mark. Nevertheless, markets remained notably unsettled, with investors apprehensive that the wider Gulf conflict could still stoke inflation and heighten global recession risks.
Brent has nevertheless recorded significant gains in recent sessions as traders continue to factor in geopolitical tensions in the Middle East and the potential for disruptions to energy flows.
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