Oil benchmarks retreat nearly $5 per barrel as equities rally and bond yields decline amid broader market optimism.
West Texas Intermediate crude approaches the $90 per barrel level, while Brent dips toward the mid-$90s after briefly trading above $100. The decline follows a risk-on market tone, with global equities hitting fresh highs and bond yields falling.
Earlier, Brent surpassed $100 per barrel overnight before retreating, while WTI remains under pressure near a key psychological threshold. Market sentiment has shifted amid limited progress in US-Iran negotiations, with reports focusing on the Strait of Hormuz rather than long-term issues like uranium enrichment.
Oil prices drop nearly $5 per barrel on the day, reflecting broader market optimism and reduced geopolitical concerns in the near term.