The price of a barrel of oil fell to $75 on Tuesday evening, a decline of nearly 6%, according to market reports. The drop follows Brent crude falling below $80 per barrel earlier this evening, as The Zioneer reported.
The price of a barrel of oil fell to $75 on Tuesday evening, a decline of nearly 6% from previous levels, according to market reports. The drop extends the evening's sell-off: earlier at 18:53 Jerusalem, The Zioneer reported that Brent crude had fallen below $80 per barrel for the first time in two weeks, trading at $78.97.
The rapid decline continues a broader trend that has seen oil prices lose value over recent weeks, driven by shifting geopolitical expectations including the US-Iran peace deal and a potential surge in Iranian exports. As The Zioneer has documented, oil prices have fallen from peaks above $85 per barrel in mid-July, when the Strait of Hormuz disruptions drove prices higher. The current price of $75 is approaching levels not seen since before the current conflict. The source of the latest drop is a single market report; broader corroboration is pending.
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