WTI Crude Plunges 8% to Below $78.50 on Iran Peace Deal Hopes
U.S. crude oil prices tumbled nearly 8% on Monday, falling below the mid-$78.00s, as hopes for an Iran peace deal eased supply concerns.
WTI
West Texas Intermediate crude oil suffered heavy losses during European trading. The benchmark U.S. grade dropped below $78.50, marking a decline of roughly 8% on the day.
The sell-off was triggered by growing optimism that a peace deal involving Iran could ease geopolitical tensions and eventually bring more Iranian oil back to global markets. The potential resolution reduces fears of supply disruptions.
As a result, WTI struggled to find any bid, extending its intraday slide and highlighting how sensitive oil markets remain to geopolitical developments.
Source: FXStreet Forex News