Crude oil prices are stabilizing following a significant drop, with WTI experiencing its largest single-day decline in nearly a year, amid ongoing geopolitical tensions.
Tensions in the Middle East are affecting oil prices, as traders remain cautious waiting for a potential Israeli military response to Iranian actions.
Market participants are hesitant to aggressively sell crude oil, given the risk of escalated geopolitical conflicts that could disrupt supply chains.
Despite a fragile demand outlook, crude prices are likely to hold steady due to underlying geopolitical risks that could impact oil supply.
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