Oil prices had jumped to an almost four-month high overnight, they fell back during trade on Wednesday. Brent Crude was down more than 3% to about $65.78 per barrel by mid-day in New York and West Texas International fell more than 4%. report BBC. The Middle East military clashes disrupt shipping in the world's busiest sea route for oil, the Strait of Hormuz. Around a fifth of global oil, supply passes through the strait which connects the Gulf with the Arabian Sea. The Strait of Hormuz is vital for the main oil exporters in the Gulf region - Saudi Arabia, Iraq, the UAE, and Kuwait - whose economies are built around oil and gas production. Iran also relies heavily on this route for its oil exports.
Oil prices have receded back to pre-crisis level
EnergyJan 9, 2020