Oil prices fell more $2 a barrel on Thursday as fears of a wider Middle East conflict eased at the same time that US demand showed signs of weakening.
The price of Brent crude oil dropped by $2.28 to $87.85 per barrel, which is a 2.53 percent decrease, at 12:40 pm CDT (or 1740 GMT). At the same time, US West Texas Intermediate crude oil also fell by $2.10 to $83.29 per barrel, which is a 2.41 percent decrease. Earlier,
on Wednesday, the prices had gone up by nearly 2 percent.
The recent rise in oil prices was due to concerns that the conflict between Israel and Hamas could affect the global supply of oil. This is because the situation could potentially involve Iran and its allies in the region, which could disrupt the flow of oil.