Oil prices sank as new reports indicate a potential release of as much as 400 millio barrels by G7 countries.

Global markets have been under serious turmoil over the past week amid the ongoing war between Iran, the US, and Israel. The military conflict has broader geopolitical and economic implications, with many countries already feeling the consequences.

As CryptoPotato reported earlier, crude oil prices skyrocketed earlier on Sunday evening, reaching almost $120 per barrel. This resulted in considerable volatility in stock futures and crypto markets, which were falling as it was happening. But new reports are shifting the tides.

New Reports Send Oil Prices Sinking

As…