Oil prices plunge 11% as geopolitical risk premium fades

Crude oil prices have nosedived nearly 12% this week, reversing last week's sharp rally driven by fears of Middle East supply disruptions. After hitting a high of $117.73 earlier, prices collapsed to $91.05 before stabilizing at $98.39. Market sources confirm that profit-taking and liquidation have accelerated as traders reassess the lack of immediate outages or shipping threats. The selloff highlights the volatility of global crude markets in response to geopolitical shocks. The dramatic pullba