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Oil price tumbles 5% on easing Middle East fears

Middle East News

2024-10-15 | 04:57

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Oil price tumbles 5% on easing Middle East fears

The price of a key U.S. oil contract, West Texas Intermediate, tumbled more than five percent Tuesday after a report said Israel was not looking to strike Iran's crude facilities.

WTI fell as low as $70.10 a barrel. At the same time, European benchmark Brent North Sea crude slumped close to five percent to $73.69, also owing to expectations of lower demand from China's struggling economy, according to analysts.

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