A slight decline in crude oil prices has been recorded in the global market, the main reason for which is being attributed to the announcements by Iran and Israel to stop attacking each other after the recent tension in the Middle East.
According to international media reports, the global oil market received relief after a temporary decrease in tension, as a result of which the price of Brent crude oil came close to $ 93 per barrel, while the American West Texas Intermediate (WTI) crude oil was trading below $ 91 per barrel.
According to experts, recent developments have temporarily reduced the concerns in global markets; however, investors are still keeping a close eye on the situation in the region. They say that if there is a situation of military tension or conflict in the Middle East again, crude oil prices may once again rise sharply.
Analysts say that the Middle East is an important centre of global oil supply, so without sustainable peace in the region, the global energy market cannot be fully satisfied. The effects of any new tension can be directly reflected not only on oil prices but also on the global economy.
It should be noted that yesterday, due to the increasing tension between Iran and Israel, crude oil prices in the global market saw a significant increase. Brent crude oil reached $ 96.50 per barrel after an increase of 3.4%, while US crude oil (WTI) was traded at $ 93.75 per barrel with an increase of 3%.
Read also: Crude oil prices fall amid ongoing US-Iran agreement talks.
