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macroJun 18, 2026, 7:28 AM

WTI Oil Hits Three-Month Low Below $74 Amid Middle East Peace Hopes

WTI crude oil fell to a three-month low under $74 on Thursday, driven by hopes of a US-Iran peace deal and reopening of the Strait of Hormuz, heading for a weekly drop of over 10%.

WTI

West Texas Intermediate crude oil dropped to a fresh three-month low on Thursday, sliding below $74 per barrel. The decline was fueled by growing hopes of a US-Iran peace agreement and the potential reopening of the strategic Strait of Hormuz, which could ease global supply concerns.

At $73.36, WTI is on track for a weekly loss exceeding 10%. The ongoing geopolitical developments continue to weigh on oil prices, with traders pricing in reduced risk premiums as diplomatic efforts advance.

Source: FXStreet Forex News