Global crude oil price dropped to $82 a barrel on Monday as the United States, Israel, and Iran reached a deal to end the Middle East war on all fronts including Lebanon, and reopen the vital Strait of Hormuz.
Brent crude, the global oil benchmark, went down by 5 percent to $82.90 per barrel.
The last time the oil trade at this range was in March.
The US West Texas Intermediate crude also fell 4 percent to hit $80 per barrel.
When the conflict began in February, Brent had risen from $62 on February 16 to $79 per barrel on March 2 amid escalating geopolitical tensions in the Middle East.
In the course of the war, oil price rose as high as $125 per barrel in April.
However, the recent drop follows the announcement of a deal to end the conflict.
According to reports,
This post was originally published on this site.
