"Oil Prices Plunge as Interest Rate Concerns and Middle East Conflict Persist"

Oil prices fell over 2.5% as traders weighed concerns about ongoing conflict in the Middle East and the possibility of "higher for longer" interest rates due to stronger-than-expected economic output in the US. The Federal Reserve's upcoming meeting is being closely watched for any indications of future rate hikes. The US dollar index also rose, adding pressure to crude prices. Traders are also speculating on the containment of the Israel-Hamas war and the potential impact on oil supply. Additionally, concerns about demand destruction and rising US stockpiles contributed to the decline in oil prices.