Oil prices retreat as traders anticipate reduced geopolitical risk in the Middle East, pressuring WTI toward $67.
West Texas Intermediate futures fell 0.45% to near $74 in early European trading, extending losses toward a three-week low of $73.51. The decline follows expectations that the Strait of Hormuz may reopen, easing supply concerns in the region.
Prior to the drop, WTI had traded in a tight range, with market participants weighing geopolitical tensions against global demand forecasts. The $74 level marks a key support zone, while $67 remains a downside target if supply risks dissipate further.
Traders are monitoring developments in the Middle East, with any signs of de-escalation likely to pressure prices further.