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WTI dips near $78.50 on US-Iran ceasefire and peace-talk hopes
WTI futures were last down 7.4% around $78.50 as Trump said planned attacks were suspended, with traders awaiting US-Iran talks tied to nuclear deal and Hormuz Strait reopening.
West Texas Intermediate (WTI) futures fell about 7.4% to around $78.50 in European trading on Monday, holding onto opening losses as markets priced in progress in US-Iran tensions, according to FXStreet.
FXStreet said the decline followed a weekend announcement from US President Donald Trump, who indicated that planned attacks on Iran were suspended after Iran agreed to a nuclear deal and the reopening of the Strait of Hormuz, a chokepoint tied to nearly 20% of global energy supply.
Markets were also looking ahead to peace talks between the US and Iran expected to take place during the day, with Trump saying discussions would begin Monday afternoon without providing further negotiating details.
FXStreet added that while Iran’s foreign ministry spokesperson Esmail Baghaei said Tehran was not in talks with the US about reopening the Strait of Hormuz, he said Iran is discussing the chokepoint with Oman.
Latest closeWTI crude $86.80 ▲3.8%