Brent Tumbles to $96 as Gulf Oil Flows Bounce Back

Crude oil prices moved markedly lower on Wednesday and stayed there earlier today, after booking a solid jump for September. The decline came in response to reports from JP Morgan, Goldman, and Kpler, suggesting oil flows out of the Persian Gulf had virtually returned to pre-war levels.

At the time of writing, Brent crude was trading at $97. 36, down from over $103 per barrel yesterday, and West Texas Intermediate was trading at $89. 57 per barrel, down from over $90 per barrel.