WTI crude falls to $69.60 after the US and Iran announce a pause in hostilities and plan negotiations in Qatar.
West Texas Intermediate crude prices slid below $70.00 to $69.60 in early Asian trading on Monday. The decline follows reports that the US and Iran have agreed to halt attacks and initiate talks in Qatar, easing geopolitical tensions in the Middle East.
Prior to the announcement, WTI had traded near $71.00, reflecting concerns over supply disruptions from regional conflicts. Analysts had expected volatility but not a sharp drop, as diplomatic progress reduces the risk premium on oil prices.
Markets reacted swiftly, with crude futures extending losses as traders priced in reduced supply risks.