Oil Prices Plunge 11% Amid Middle East Risk Reassessment

Global oil markets experienced a dramatic collapse this week, with prices plunging over 11% from earlier highs. West Texas Intermediate crude sank from a weekly peak of $117.73 to a low of $91.05 before stabilizing at $98.39. This sharp downturn marks a reversal from last week's geopolitical rally, as traders shifted from panic buying to aggressive liquidation. The selloff was fueled by profit-taking and a re-evaluation of supply threats tied to Middle East tensions. Despite elevated risks, no s