WTI Falls to Four-Month Low Below $69.50 on Rising Hormuz Traffic
WTI crude oil dropped to around $69.40 during early European trading on Wednesday, hitting a four-month low as vessel traffic through the Strait of Hormuz recovered amid progress toward easing Middle East tensions.
USOIL
West Texas Intermediate (WTI) crude oil fell to approximately $69.40 during early European hours on Wednesday, marking its lowest level in four months and breaking below the $69.50 threshold.
The decline is attributed to a rise in the number of vessels transiting the Strait of Hormuz, a critical oil shipping chokepoint. This increase signals a potential de-escalation of tensions in the Middle East, reducing supply concerns that had previously supported prices.
Source: FXStreet Forex News