Global oil prices have fallen by more than 4%. On Tuesday (October 15), the price of West Texas Intermediate (WTI) dropped by $3.33, or 4.5%, settling at $70.50 per barrel. Meanwhile, Brent crude fell by $3.28, or 4.2%, to $74.18 per barrel.

Both benchmarks hit their lowest levels earlier in the day, with prices dropping by at least $4.

The decline in oil prices is attributed to Israel’s announcement not to strike Iran’s oil facilities, along with forecasts of weak demand.