Brent crude fell under $80 and WTI below $75 despite escalating regional tensions, as markets price in optimism over U.S.-Iran talks.
Oil prices extended losses this week, with Brent crude dipping below $80 a barrel and WTI under $75, as traders dismissed geopolitical risks in the Middle East. The decline followed remarks from President Trump suggesting resumed U.S.-Iran peace negotiations, though Iranian officials denied any ongoing talks.
Prior to the drop, oil had traded near $85 for Brent and $80 for WTI, reflecting earlier concerns over Red Sea disruptions and broader regional instability. Analysts noted that markets appeared to be pricing in a swift resolution, despite Iran’s separate negotiations with Oman over Strait of Hormuz control.
The bearish sentiment persisted even as hostilities expanded, signaling traders’ focus on potential diplomatic outcomes over supply risks.