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Oil dropped as Federal Reserve Chair Jerome Powell's testimony before a House committee heightened concerns of an impending recession.

Oil fell the most since early May after Russia downplayed the likelihood of another OPEC+ production cut.

Oil declined after Saudi Arabia cut official selling prices for all regions, the latest sign that fundamentals are worsening.

Oil's tumultuous rally paused after U.S. inflation rose to a fresh 40-year high, sparking worries that surging prices could hasten the onset of demand destruction.

Oil halted its recent advance as weakening sentiment weighed on broader markets and the US government signaled that refilling the Strategic Petroleum Reserve will take longer than previously expected.

Oil fell, weighed down by declining equity markets and a government report that showed US crude stockpiles increasing less than projected.

The risk-on sentiment that prevailed earlier in the day was crushed.

Oil gave up the previous day's gains as swelling US stockpiles overshadowed the possibility of an attack on Israel by Iran or its proxies.

Oil retreated from session lows as traders await Israel's response to an unprecedented attack from Iran.

Oil dropped as traders shrugged off the risk to commodity ships in the Black Sea until disruptions materialized.