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WTI falls below $84 as stronger dollar offsets Iran risk
WTI dipped under $84.00, while the US Dollar strengthened on inflation risks that keep at least one Fed rate hike in 2026 in focus.
West Texas Intermediate crude slid below $84.00 in early European trading after turning lower for a second straight day, following an intraday rise toward the $85.35 area, according to FXStreet. FXStreet said a modest US dollar recovery is pressuring crude because inflation risks tied to volatile energy keep expectations for at least one Federal Reserve rate hike in 2026 on the table. Still, the outlet noted that renewed US-Iran tensions could cap how far losses go. On the geopolitical front, FXStreet reported that US Treasury Secretary Scott Bessent warned countries to cut financial ties with Iran or risk being excluded from the dollar-based financial system. The outlet also cited Iran’s vow to shut down Gulf oil exports if the “economic war” continues, plus warnings to ships not to pass through the Strait of Hormuz without permission. FXStreet added that US Defense Secretary Pete Hegseth said the United States would not rule out using military force against Iran, keeping a geopolitical risk premium in play. The outlet also pointed to falling oil stocks in the US Strategic Petroleum Reserve, down to the lowest level since November 1982, and said WTI’s near-term technical outlook stays supportive as long as it holds above key moving-average support around $82.61.
Latest closeWTI crude $82.40 ▲1.4%