In global markets, the downward trend in oil prices continues. On Tuesday, Brent crude oil fell to $76.88 per barrel, while West Texas Intermediate (WTI) crude dropped to $73.02 per barrel. Meanwhile, the price of OPEC oil also declined by 1.89%, reaching $81.59.
Analysts say this decrease in oil prices is largely driven by easing geopolitical tensions in the Middle East and the possibility of an agreement between Iran and the United States. This development has led to the normalization of oil tanker traffic through the Strait of Hormuz.
They also add that increased production in some non-OPEC countries, particularly China, along with concerns over weakening global demand, has contributed to the price decline. According to some economic experts, Brent crude, which has now fallen below $80, may attract buyer support and help prevent further declines.
The drop in oil prices is considered positive news for importing countries such as India, Turkey, and many European nations, as it reduces their energy costs. However, for OPEC member states, including Saudi Arabia, Russia, and others whose economies depend on oil exports, this situation may put pressure on budget revenues and impact development projects.
Market analysts say that in the coming days, reports on U.S. crude inventories and potential OPEC+ decisions will play a key role in determining the future direction of global markets.
Writer:Saeed Sameer
