Global Oil Prices Plummet Over 4%, Gold Prices Decline
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Oil prices experienced a significant drop of more than 4% during today’s trading session in the energy market. According to Reuters, this decline was fueled by a strong market reaction following a limited response from the Israeli regime to Iran's recent missile attacks, despite extensive media coverage.
As a result of these developments, Brent crude oil in the North Sea fell by 4.5%, pricing at $72.70 per barrel, while the U.S. West Texas Intermediate (WTI) also saw a decrease, reaching $68.53 per barrel.
Within the OPEC member nations, Iran's heavy oil was traded at $72.98 per barrel, reflecting similar market pressures.
In the precious metals market, the price of gold also saw a decline, with each ounce dropping by 0.18% to reach $2,736. These shifts in both oil and gold markets indicate a broader reaction to geopolitical tensions and market sentiment.
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