WTI Oil Drops Below $72 as Iran Eases Strait of Hormuz Tensions
WTI crude oil extended its decline below $72.00 on Wednesday, hitting its lowest level since the UAE and Israel attacked Iran in late... as Iran eased its grip on the strategic Strait of Hormuz.
West Texas Intermediate crude oil continued its downward trend on Wednesday, slipping below the $72.00 per barrel mark. The move marks the lowest price since the UAE and Israel launched an attack on Iran in late...
Traders attributed the decline to Iran's decision to ease its control over the Strait of Hormuz, a vital chokepoint for global oil shipments. The strait carries about 20% of the world's oil, and any disruption typically fuels price spikes, but the easing of tensions has weighed on crude prices.
No further details on the timing or scope of Iran's shift are available at this point. The drop extends a broader sell-off in energy markets as geopolitical risks appear to recede.
Source: FXStreet Forex News