The price of Brent crude oil dropped to approximately $85 per barrel Tuesday afternoon, according to ynet. The decline continues a volatile period driven by the US-Iran peace deal and calm, following a drop to $86 earlier today.
The price of Brent crude oil fell to approximately $85 per barrel Tuesday afternoon, according to ynet. The drop extends a sustained decline that began with the US-Iran peace deal in June, which eased geopolitical tensions in the oil market.
This follows a decline to $86 earlier Tuesday morning, as The Zioneer reported, and continues a trend that saw prices fall from over $100 per barrel in early June to the current level. The Strait of Hormuz traffic disruption, which drove oil to $85 in July, has since eased as diplomatic calm took hold.
Market volatility remains, with traders monitoring US-Iran implementation and global demand. The current price is near the lowest since the start of the current conflict.
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