Despite sanctions against Iran and tensions between Riyadh and Washington over the disappearance of Saudi journalist Jamal Khashoggi, the price of oil has fallen 11% in two weeks on oversupply and other downward pressures, according to reports.
U.S. crude has plunged 11 percent from peak to trough over the last two weeks, while Brent is down more than 9 percent, CNBC notes, after oil prices rose to nearly four-year highs at the start of October. CNBC cites market oversupply, demand fears in 2019 and a broader market sell-off in recent weeks as the reason oil has dipped significantly.
So far, the geopolitical turmoil over the disappearance of Saudi journalist and U.S. resident Jamal Khashoggi has not had much impact on the market, although the issue remains unresolved. American lawmakers have said Saudi Arabia could face sanctions over the incident.
