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