Core Insights - Oil prices are experiencing significant volatility, with U.S. crude hitting its lowest level since May, indicating a potential surplus and geopolitical factors influencing the market [1][2][3] - The U.S. benchmark has declined approximately 22% this year, marking its worst performance since 2018, while the global benchmark has dropped nearly 20%, the worst since 2020 [2] - OPEC+ members have increased production rapidly after years of cuts, contributing to downward pressure on oil prices [3] Price Movements - West Texas Intermediate (WTI) crude oil was last trading at $55.61 per barrel, down 2.13%, while Brent crude was at $59.39, down 1.93% [2] - U.S. gasoline prices have fallen below $3 per gallon, reaching the lowest level in four years [2] Geopolitical Factors - The oil market has been under pressure due to the ongoing conflict in Ukraine, with the U.S. and European allies imposing sanctions on Russia's crude industry [4] - The potential for a peace agreement in Ukraine is influencing investor sentiment and pricing in lower geopolitical risks [3]