Oil prices fell below $92 yesterday due to weak demand.
The oil market is responding to a series of events that have raised concerns that Iran will try to block oil shipments through a narrow waterway in the Persian Gulf – a pathway where the world’s oil travels every day.
Analysts say Middle East tensions could cause further spikes for oil but they might not be long-lasting. The world’s two biggest crude consumers, the U.S. and China, are both struggling with economic slowdowns that are crimping demand for oil.
The good news is supply is in good shape.