[International Oil Prices] Back Below $90 Again...Plunge of Around 8%

[Financial News]  

International oil prices plunged on the 27th (local time).
Concerns over supply disruptions eased after the United States halted its two-week airstrikes on Iran over the weekend.
Brent Crude Oil for September delivery, the global benchmark, fell $8.42, or 8.7%, from the previous session to close at $88.36 per barrel.
West Texas Intermediate crude oil (WTI) for September delivery, the U.S. benchmark, also dropped $6.70, or 7.5%, to $82.61 per barrel.
It was the first time in a week, since the 20th, that Brent Crude Oil had closed below $90 per barrel.
Brent Crude Oil had topped $100 per barrel last week amid supply fears, as renewed clashes between the United States and Iran raised concerns that the Strait of Hormuz could be blocked again, while the Red Sea, a detour route, was also effectively controlled by Houthi rebels in Yemen.
With the United States halting the airstrikes on Iran, the armed confrontation between the two sides eased over the weekend. According to Cable News Network (CNN), U.S. President Donald Trump ordered the suspension of strikes on Iran on the 24th.
There is speculation that the suspension was unavoidable because U.S. interceptor missile stocks were rapidly running low.

[email protected] Song Kyung-jae Reporter