Oil futures slide 8% as energy ministers set to meet on emergency reserves

Oil futures plunged on Tuesday as world leaders weighed coordinated releases of emergency oil supplies while the Iran conflict entered its 11th day. The prospect of strategic reserve releases amid ongoing geopolitical risk prompted a sharp near-term drop in crude, boosting volatility and pressuring energy-sector producers while easing short-term supply concerns for consumers.

Analysis

Oil futures plunged on Tuesday as world leaders weighed coordinated releases of emergency oil supplies while the Iran conflict entered its 11th day. The prospect of strategic reserve releases amid ongoing geopolitical risk prompted a sharp near-term drop in crude, boosting volatility and pressuring energy-sector producers while easing short-term supply concerns for consumers.