The Oil Price Rollercoaster and its Unpredictable Consequences The recent reprieve in hostilities between the US and Iran has brought some stability to the global oil market.
After a tumultuous week that saw Brent crude soar above $100 a barrel, prices have plummeted by over 9%, with West Texas Intermediate falling 8% to $82. 14.
The Strait of Hormuz, a critical chokepoint in global oil supplies, has been at the center of the conflict between the two nations.