WTI Crude Slumps 7.4% to Near $78.50 Amid US-Iran Ceasefire Talks
West Texas Intermediate futures fell 7.4% to around $78.50 during Monday’s European session as reports of renewed ceasefire negotiations between the US and Iran pressured oil prices.
WTI
NYMEX WTI futures traded at approximately $78.50, down 7.4% on the day. The decline came as markets reacted to the announcement of a second ceasefire initiative between the United States and Iran.
The oil price held its opening losses throughout the European trading session. The prospect of easing geopolitical tensions reduced supply disruption fears, pushing crude sharply lower.
Source: FXStreet Forex News