Crude oil prices plummeted by more than 7 percent on June 23 as investors were optimistic that Iran’s limited retaliation could lead to a de-escalation in the Middle East.
West Texas Intermediate (WTI), a U.S. benchmark for oil prices, cratered by about 7.3 percent to below $69 per barrel on the New York Mercantile Exchange. Brent, a global gauge for crude prices, also dipped by nearly 7 percent to under $71 a barrel on London’s ICE Futures exchange.
Oil prices are now trading at where they were before Israel’s June 13 strikes on Iran.
The price of natural gas also decreased by 4 percent, to $3.70 per million British thermal units….