Oil prices have seen a substantial drop, reaching their lowest levels since May. The decline is primarily driven by concerns over global supply surpluses and ongoing peace talks between Russia and Ukraine, which have raised hopes for a potential easing of geopolitical tensions. Despite fears of supply disruptions from Venezuela, the overall outlook remains bearish as signs of a supply glut persist. In addition, weak economic data from China and restored Iraqi oilfield production have added downward pressure on prices. Retailers are being urged to pass on savings to consumers, with U.S. gas prices nearing a five-year low. Analysts warn that unless demand improves significantly, oil prices may continue to slide further.