Commodities
Oil Falls as Risk-Off Sentiment Outweighs Red Sea Fears
- Iran sends destroyer to waterway as US Navy sinks Houthi boats
- WTI settles near $70 a barrel after swinging in a $3 range
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Oil sank as broad risk-off sentiment undercut concerns about escalating conflict in the Red Sea.
West Texas Intermediate swung in more than a $3 range to settle near $70 a barrel after a retreat in equity markets dragged on commodities. Volumes have remained thin after the holiday season, leading to exacerbated price movements.