Despite the increasing tension between the US and Iran and the uncertainty in the Middle East, crude oil prices have recorded a decline in the global market.
According to a foreign news agency, the price of Brent crude oil, which is considered the global standard, decreased by $ 1.29 per barrel, after which it came to $ 89.45 per barrel.
Similarly, the price of American West Texas Intermediate crude oil was also trading at $ 83.90 per barrel after a decrease of 56 cents or 0.66 percent.
According to the report, although tensions between the US and Iran have increased, the normal movement of oil tankers in the Middle East has given the global market the impression that oil supply will not be affected immediately, which has resulted in pressure on prices and crude oil has become cheaper.
Economists say that fluctuations in global oil prices depend not only on geopolitical tensions but also on the supply chain, shipping, demand and investor confidence. If the situation in the region worsens or there is a disruption in oil supplies, prices may rise again.
