Brent crude falls under $98 after more than 16% drop
Business
Brent crude prices just slid under $98, capping off a dramatic more than 16% drop this past week, the steepest weekly decline since April 2020.
US oil prices are holding steady around $90, even as tensions rise over the U.S.-Iran situation and the market stays on edge.
US politics and attacks unsettle oil
A mix of shifting US politics after the midterms and ongoing diplomatic talks with Iran has cooled some fears, but uncertainty isn't going anywhere.
Attacks near key shipping routes and Houthi missile strikes on Saudi Arabia have kept everyone nervous.
Plus, the war in Ukraine added another layer of uncertainty to the already volatile crude prices after Ukraine struck the sixth Russian oil refinery in a week, so oil prices could stay unpredictable for a while.