WTI crude oil falls 8.91% on US-Iran accord hopes
West Texas Intermediate crude oil prices have dropped sharply, trading around $91.00. This decline is attributed to easing geopolitical risks in the Middle East.
The rapid reassessment of risks follows reports of progress in US-Iran talks, which could potentially reduce tensions in the region.
Oil prices are highly sensitive to geopolitical developments, particularly those affecting the Strait of Hormuz, a critical oil shipping lane.