Oil prices in global market fell sharply after the US and Iran stopped attacking each other

ISLAMABAD: The price of US crude oil West Texas Intermediate (WTI) fell by more than 4%. After falling by about $4.50 per barrel, it came close to $84 per barrel, which is being considered one of the biggest daily declines in recent times.

Similarly, the price of British crude oil Brent, which is considered the global standard, also reached $92 per barrel after a decrease of 4.86%.

On the other hand, the price of Murban crude oil from the United Arab Emirates saw the biggest decline. Murban oil fell by 9.44% to $97 per barrel, which is being described as a significant change in the Gulf market.

Experts associated with the energy sector say that if tensions between the US and Iran further decrease and peace remains in the region, then further pressure may come on crude oil prices in the coming days. However, he also said that the situation in the Middle East is still uncertain and any new developments could change the direction of prices again.

According to experts, the global economy, fuel demand, OPEC+ production and geopolitical conditions will remain key factors determining oil prices in the coming weeks, while investors are closely monitoring the situation in the region.