Brent Back Below $80 As Banking Fears Persist

Brent crude oil prices sank back below the $80 threshold on Tuesday as the markets remained unsteady following the Silicon Valley Bank collapse. The price of the Brent crude oil benchmark fell below to $79.00 on Tuesday morning in volatile trade—a more than 2% drop on the day. Oil prices began a hefty slide on Monday, losing $2 per barrel, as the market feared a wave of bank failures in light of the SVB shutdown as it helped to highlight possible economic sinkholes that were created by continued rate hikes. The oil industry’s pricing…