The price of Brent crude oil, a benchmark in Europe, has fallen sharply to stand at around 91 dollars per barrel after registering a decline close to 8% in international markets. The drop occurs after the rebound registered in recent days due to the escalation of the conflict with Iran.
The crude market initially reacted with strong increases amid fears that the conflict in the Middle East would affect the global supply of oil, especially due to the strategic role of the region in energy production and transport.
However, the expectations of a possible de-escalation of tension have moderated the pressure on prices, which has caused a correction in Brent's quotation after the highs recorded in the first moments of the crisis.
Analysts warn that volatility will remain marked by the evolution of the war, especially by what happens in the Strait of Hormuz, a strategic route through which a significant part of global oil trade passes.
