September WTI crude futures fell $6.35 this week as geopolitical tensions eased, then partially recovered amid renewed military activity.
September WTI crude futures settled at $84.12 late Thursday, marking a $6.35, or 7.02%, decline for the week. The drop followed initial optimism over diplomatic efforts to secure the Strait of Hormuz, including a U.S. pause in strikes and Oman’s proposal for regional management.
Earlier in the week, traders reduced risk premiums after Washington signaled a pause in military actions. However, prices rebounded slightly as tensions resurfaced, underscoring lingering uncertainty in the critical oil transit route.
With Friday’s session pending, the weekly result remains provisional, but the volatility reflects shifting sentiment around supply risks.