Oil Price Today: Crude oil prices drop below $100 despite Iran-Israel war entering 14th day. Here’s why

Crude oil prices fell below $100 per barrel despite ongoing tensions from the Iran-Israel conflict, which has now entered its 14th day. This decline follows a significant spike of nearly 10% previously, triggered by supply concerns due to the war. The U.S. government has issued a temporary 30-day license permitting countries to purchase Russian oil and petroleum, alleviating some of the immediate supply fears. As a result, Brent crude futures dropped to $99.75 a barrel, while U.S. West Texas Intermediate (WTI) fell to $94.85. Concurrently, the U.S. Energy Department announced plans to release 172 million barrels from its Strategic Petroleum Reserve, collaborating with the International Energy Agency (IEA) to release a record 400 million barrels to stabilize the oil market. Despite these efforts, the situation remains precarious as Iran’s Supreme Leader has vowed to keep the Strait of Hormuz closed, heightening security risks. Reports indicate that Iraqi oil ports have halted operations following attacks on fuel tankers. With ongoing conflict and uncertainty regarding the swift arrival of additional oil supplies, experts remain cautious about the potential for prices to soar to $200 per barrel, illustrating the volatile nature of global energy markets amidst geopolitical unrest.