Prices fall as rally takes a pause

On Tuesday, crude oil futures dropped by about 2% as the market paused its rally based on geopolitical risk, waiting for Israel to potentially retaliate against Iran. Analysts like Tamas Varga from oil broker PVM noted that oil prices can only rise for so long based on perceptions without actual supply disruptions. The surge in oil prices, up 13% since Iran’s missile attack on Israel, has raised concerns about potential disruption in Iran’s crude industry. As of Tuesday morning, West Texas Intermediate was at $75.52 per barrel, down 2.1%, while Brent was at $79.31 per barrel, down 2%. Gasoline and natural gas prices also saw fluctuations.