WTI Falls Below $70 on US-Iran Ceasefire Talks Uncertainty

West Texas Intermediate (WTI) crude oil dropped below the $70 mark on Monday, trading near $69.80 during the early European session. The decline comes amid renewed uncertainty surrounding US-Iran ceasefire talks, which has cast doubt on the potential for easing geopolitical tensions and oil supply disruptions.

The move lower reflects market caution as traders await further developments in the negotiations. Any progress toward a ceasefire could reduce risk premiums in oil markets, while a breakdown may keep supplies tight.