Oil prices dropped sharply in late trading Monday, according to market reports. The decline follows a turbulent period for energy markets driven by US-Iran tensions, with the Zioneer's earlier coverage tracking oil volatility from $93 highs to Monday morning's Strait of Hormuz closure and back.
Oil prices fell sharply in evening trading on Monday, a move that caps a volatile session for global energy markets. The Zioneer earlier reported that Brent crude had dropped to around $91 per barrel on Tuesday, before oil surged above $93 after President Trump threatened Iran on Sunday and then spiked again Monday morning after Iran declared the Strait of Hormuz closed.
The sharp decline reported at 20:42 Jerusalem time appears to reflect market reassessment of short-term supply risks, though the specific trigger for the selloff is not yet identified. The decline comes hours after a senior Iranian source warned that if Trump miscalculates, oil prices 'will speak louder than any declaration to the world.' No further details on the scale of the drop or the immediate catalysts are yet available.
The Zioneer's coverage of the oil-Iran crisis thread this week has tracked an 84% reported drop in Iranian oil exports in May, a brief spike after the Hormuz closure declaration, and a 5% US crude fall on peace-deal hopes — all underscoring the extreme sensitivity of energy prices to US-Iran diplomatic and military signals.
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