WTI crude futures fall over 7% after Washington and Tehran halt strikes, reducing supply disruption fears.
West Texas Intermediate crude dropped to $82.50 per barrel, down more than 7% in early Asian trading. The decline followed a pause in hostilities between the US and Iran over the weekend, easing concerns over potential supply disruptions in the Middle East.
Prices had climbed in recent weeks amid escalating tensions, with prior sessions reflecting heightened geopolitical risk premiums. The shift toward diplomacy reduced immediate fears of prolonged conflict, though market participants remain cautious about further developments.
The move triggered a sharp pullback in oil futures, with traders reassessing risk exposure ahead of key economic data later this week.