WTI Crude Drops to $84 on US-Iran De-escalation Hopes
WTI crude oil opened with a bearish gap, retreating to near $84.00 from last week's high of $92.25 as markets react to potential easing of US-Iran tensions.
West Texas Intermediate crude fell sharply at the start of the week, opening with a bearish gap and sliding to around $84.00. The move marks a pullback from the $92.25 level reached last week, the highest since June 8.
The decline was driven by renewed hopes that the US and Iran may de-escalate their recent confrontation. Diplomatic signals suggesting a cooling of tensions eased supply-disruption fears, prompting traders to shed long positions.
WTI remains under pressure near the $84 handle, with the intraday bias skewed to the downside.
Source: FXStreet Forex News