Commodities
Home›Commodities›Energy›WTI falls after signs of possible US-Iran deal for Str…
WTI falls after signs of possible US-Iran deal for Strait of Hormuz
WTI was about $75.70 a barrel, down 3.9% on the day, after US and regional officials pointed to ongoing talks aimed at reopening the Strait of Hormuz.
WTI crude fell sharply on Tuesday, trading around $75.70 per barrel, down 3.9% on the day and at its lowest level in about three weeks, as hopes grew for a de escalation in US Iran tensions. According to FXStreet, US Treasury Secretary Scott Bessent said in an interview with CNBC that talks with Iran are ongoing and that a deal could be reached as soon as Tuesday or Wednesday, which he expects would allow the Strait of Hormuz to reopen and energy prices to “settle back down.” Qatar’s Foreign Ministry spokesperson Majed Al Ansari also confirmed that diplomatic efforts between the United States and Iran are continuing, with Qatar, Pakistan, and Oman coordinating to facilitate negotiations and the exchange of proposals. A separate senior official cited by Al Arabiya suggested an announcement on reopening could come shortly, though no official confirmation had been released. FXStreet added that the improving geopolitical outlook is easing concerns about disruptions to global oil supplies, contributing to the sharp selloff. It also noted the market remains under key moving averages in technical analysis and that the RSI near 35 is edging toward oversold territory, leaving room for a possible corrective bounce.
Latest closeWTI crude $80.00 ▼5.5%