**Crude Oil and Gasoline Prices Drop Sharply**
On Monday, October WTI crude oil (CLV26) closed down by $4.52 (4.51%), hitting a 1.5-week low, while October RBOB gasoline (RBV26) fell by $0.0577 (1.64%). Increased crude flows through the Strait of Hormuz have eased supply concerns, with Admiral Brad Cooper of US Central Command noting that these flows are at a six-month high.
This drop follows a significant spike in prices last week, prompted by fears over global supply tightness after Saudi Arabia shut its East-West pipeline, which carries 7 million barrels per day. Notably, Saudi crude exports in August fell to 3 million bpd, the lowest in nine years, as the region grapples with Houthi attacks and military tensions. Meanwhile, the International Energy Agency forecasted a global oil deficit of 1.7 million bpd for this year, an increase from 1.3 million bpd, amid ongoing US-Iran hostilities.
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