Crude Oil is trading 5.6% down at $79.90 after fresh data showed Saudi Arabia and the UAE increased exports, easing supply fears that had previously supported the market.
- The rebound in shipments has shifted investor focus back to improving global supply, pulling futures sharply lower.
- Prices had recently seen gains driven by geopolitical risks, including U.S.–Iran tensions and drone attacks near the Strait of Hormuz.