The drop in prices also comes amid broader concerns about global economic growth and its impact on oil demand. Analysts have been monitoring these factors closely, with fluctuations in the energy market continuing to be driven by geopolitical uncertainties and weather-related events like hurricanes.

While Hurricane Rafael's threat subsided, traders remain cautious, aware of the ongoing volatility in the oil markets. Despite the dip, oil prices remain elevated compared to historical levels, driven by underlying factors such as geopolitical tensions and the ongoing energy transition.