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macroJun 18, 2026, 3:30 PM

WTI Oil Falls to 3-Month Low on Strait of Hormuz Deal Optimism

West Texas Intermediate crude oil dropped to around $73.20, a three-month low, as optimism over a potential deal to ease tensions in the Strait of Hormuz outweighed a larger-than-expected US crude inventory drawdown.

WTI

West Texas Intermediate (WTI) crude oil tumbled to approximately $73.20 on Thursday, marking a 2.35% decline for the day and its lowest level in three months.

The sell-off comes as market participants increasingly price in the likelihood of a lasting easing of tensions in the Strait of Hormuz, a key chokepoint for global oil shipments. Optimism over a potential diplomatic resolution overshadowed a reported drawdown in US crude stockpiles, which would typically support prices.

Source: FXStreet Forex News