Oil Prices Fall Weekly and Monthly, Remain Strong on Annual Basis

Crude oil prices witnessed a sharp pullback in the short term, driven by easing geopolitical tensions and expectations of increased global supply. As of April 17, 2026, crude oil closed at 90.38 per barrel, marking a decline of 6.49% on a weekly basis and 12.59% over the past month. The recent fall comes after reports that Iran is likely to resume higher oil exports following renewed diplomatic developments, raising the possibility of additional supply entering the global market. Market sentiment was further impacted by signals that tensions in the Middle East may not escalate further, reducing fears of supply disruptions that had previously pushed prices higher. Despite the short-term correction, crude oil continues to show strong performance over a longer horizon. Prices are up 40.93% on a quarterly basis and 32.99% year-on-year, reflecting the strong rally seen earlier this year. From its yearly low of 58.92 recorded on December 16, 2025, crude has surged 53.39%, although it still trades about 20.99% below its yearly high of 114.39 reached on March 19, 2026, indicating a phase of profit booking and correction after a sharp rally.Going forward, crude oil markets are expected to remain highly sensitive to geopolitical developments, OPEC+ decisions, and global demand signals.Disclaimer: PolyMart does not offer guarantees regarding the accuracy, reliability, or completeness of the information provided on its platform. Users are advised to independently verify any data before relying on it for decision-making purposes.