Oil Price Today (October 19): Crude oil dips 2% to $108 after hitting its highest levels since May. Here’s why

Brent crude futures dropped 1.64% to $108.06 a barrel, and US West Texas Intermediate crude declined 0.52% to $100.88 a barrel, after both reached their highest levels since May. The dip comes as oil prices have been volatile due to geopolitical tensions and supply concerns.