Why are oil prices plunging? US oil prices crash below $95 per barrel, WTI crude plunges 8% in 12 hours as geopolitics shake energy markets

Oil price today: WTI crude oil prices suddenly plunged below $95 per barrel, falling nearly 8% in just 12 hours after last week’s sharp rally in global oil markets. On Monday, WTI crude traded near $94, while Brent crude slipped below $98. Traders rushed to lock profits after crude briefly approached $100 during rising Middle East tensions and Strait of Hormuz supply fears. Comments from Donald Trump urging other nations to secure the key oil shipping route also cooled panic.