The price of oil has dropped significantly as Middle Eastern tensions appeared to ease.
For the first time since the beginning of the month, Brent crude oil is priced below $72 per barrel, now sitting at $71.93.
This is a notable decrease from Friday evening, when oil was priced at $76, marking a fall of over 5%.
This dip brings oil to its lowest cost over most of the past two years, likely lowering petrol and diesel prices within the next 10 days.
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The easing in prices follows reduced fears of conflict escalation in the Middle East.
Iran and Israel have exchanged missile strikes, yet recent comments by Iranian leader Ayatollah Ali Khamenei avoided direct threats toward Israel, calming markets.
Israeli strikes over the weekend did not target energy facilities, further reassuring investors.
Tensions had intensified after Israel’s killing of leaders from Iran-backed Hamas and Hezbollah, leading to retaliatory exchanges and concerns of a broader conflict.
Following Iran’s initial strike on Israel in early October, oil peaked at $81 per barrel.
Lower oil prices can impact inflation overall, as fossil fuels are a component in the production of many goods.
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