Crude oil prices have recently fallen by about $10 a barrel, despite conflicts in West Asia. The dip is attributed to the limited impact of the West Asian war on oil markets, given that Israel and Gaza contribute minimally to global oil production.
Concerns about demand, slower economic growth, and the potential increase in global oil production with the US easing sanctions on Venezuela have also influenced the drop.
Despite initial spikes due to West Asian tensions, prices fell as the conflict did not directly affect oil supplies. The decline in demand, particularly from China, has further contributed to the overall fall in oil prices. This has implications for India, which heavily relies on oil imports.