MacroAug 3, 2026, 3:59 PM

WTI Oil Plunges as US-Iran Peace Hopes Rise

WTI crude oil fell sharply on Monday, dropping nearly 8% to around $78.45, as the prospect of US-Iran negotiations eroded the geopolitical risk premium.

WTIUSD

West Texas Intermediate (WTI) crude oil tumbled roughly 7.8% on Monday, trading near $78.45. The sell-off came as investors unwound the geopolitical risk premium built into oil prices.

Reports of a potential US-Iran agreement revived hopes for de-escalation, prompting traders to reassess supply disruption risks. The sharp intraday decline marked one of the steepest single-day drops in recent weeks.

Source: FXStreet Forex News

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