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macroJun 11, 2026, 4:26 PM

Oil Drops as US-Iran Talks Ease Supply Worries, Focus on Fed

West Texas Intermediate crude slipped 0.86% to around $89.50 on Thursday as diplomatic progress between the US and Iran reduced supply disruption fears, while traders look ahead to the Federal Reserve's rate decision.

WTI

West Texas Intermediate crude slipped into negative territory on Thursday, trading near $89.50 a barrel, down 0.86% for the session. The pullback comes as reports of progress in US-Iran diplomatic talks eased concerns over potential supply disruptions from the Middle East, prompting traders to scale back long positions following a recent rally driven by regional tensions.

Markets are now turning attention to the Federal Reserve’s upcoming policy decision, which could influence the dollar and broader risk sentiment. Any surprises in the rate outlook may further impact oil prices in the near term.

Source: FXStreet Forex News