WTI crude falls nearly 9% to $81.00 after Washington pauses military strikes, easing Middle East supply risks.
West Texas Intermediate crude settled near $81.00 on Monday, down nearly 9% from Friday’s close at $89.00, after a $5.00 gap lower at the open. Brent crude also fell below $90.00, marking its steepest single-session decline since April’s ceasefire.
The drop follows a third consecutive day without attacks after the US suspended its strike campaign over the weekend. President Biden indicated a pause at Tehran’s request, citing progress in talks and a willingness to resume operations if negotiations fail. Iran’s foreign ministry denied direct negotiations with the US, stating its only active channel is with Oman regarding the Strait of Hormuz.
Mediators, including Qatar and Pakistan, are reportedly working to restore an interim framework, though officials describe it as an ambition rather than a formal deal. Maritime traffic through the Strait remains unchanged, according to Iranian sources.