Oil quotes recorded a sharp decline in the world market. On March 10, the price of Brent crude oil futures fell by $6.51 to $92.45 per barrel. At the same time, the price of WTI crude oil also dropped by $6.12, falling to $88.65.
According to information provided by Business Insider, the price of black gold had exceeded $100 a day before this decline. It even approached the $120 mark for the first time since the summer of 2022. However, the market unexpectedly changed its direction.
Experts attribute this price change to the geopolitical situation in the Middle East. A slight easing of tensions in the region and emerging hopes for stability reduced investor concerns. As a result, the panic demand for oil decreased, and prices began to return to their stable state.
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