Crude Oil Futures Dip After Previous Day's Plunge Amid Middle East Tensions and Economic Concerns

Crude oil futures experienced a decline on Wednesday following a more than 4% drop the previous day.

The rise in prices triggered by the potential for a broader conflict in the Middle East has faltered due to uncertainty surrounding Israel's response to Iran's ballistic missile strike.

Additionally, China's lack of new economic stimulus measures has also contributed to the stabilization of energy prices

Despite the fall in prices, Goldman Sachs predicts a potential surge in global benchmark Brent crude oil by $10 to $20 per barrel if an Israeli strike disrupts Iranian crude oil production.

Current Energy Prices

As of 8:02 a.m. ET on Wednesday, the following energy prices were recorded:

• West Texas Intermediate November contract: $73.38 per barrel, down 19 cents, or 0.26%. Year-to-date, U.S. crude oil has seen an increase of over 2%.
• Brent December contract: $77.02 per barrel, down 16 cents, or 0.21%. Year-to-date, the global benchmark remains relatively stable.
• RBOB Gasoline November contract: $2.0607 per gallon, down 0.36%. Year-to-date, gasoline prices have decreased by nearly 2%.
• Natural Gas November contract: $2.695 per thousand cubic feet, down 1.39%. Year-to-date, gas prices have shown an increase of approximately 7%.