WTI falls near $84.00 on hopes for diplomatic resolution
West Texas Intermediate (WTI) crude oil prices have dropped amid hopes for a de-escalation in the US-Iran conflict.
The US paused its bombing campaign, prompting Tehran to suspend retaliatory attacks.
This development has led to some unwinding of the geopolitical risk premium, exerting pressure on crude oil prices.
Traffic through Bab el-Mandeb fell after Iran-backed Houthis attacked Saudi oil installations, adding to concerns about global oil supplies.