en.Wedoany.com Reported - On Wednesday local time, news of a potential easing of the Middle East situation once again triggered violent shocks in the crude oil market.

International oil prices plummeted on Wednesday, with New York crude oil futures prices briefly falling below the integer mark of $90 per barrel, and Brent oil prices plunging more than 11% during the session. At the close, the price of light sweet crude futures for June delivery on the New York Mercantile Exchange settled at $95.08 per barrel, a decline of 7.03%; the price of London Brent crude futures for July delivery settled at $101.27 per barrel, a decline of 7.83%.

Market analysts believe that the current global oil supply shortfall of about 13 million barrels per day is now largely being covered by inventories, leading to a rapid drawdown in stockpiles and intensifying market volatility.

Warren Patterson, commodity strategist at ING, said it is crucial to reach an agreement to normalize oil transportation through the Strait of Hormuz. The current oil supply shortfall of about 13 million barrels per day is now largely being covered by inventories, leading to a rapid drawdown in stockpiles and intensifying market volatility.

This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com