West Texas Intermediate falls to its lowest level since late April after Iran reduces threats to the Strait of Hormuz.
West Texas Intermediate crude dropped below $72.00 a barrel on Wednesday, extending losses as Iran eased restrictions around the Strait of Hormuz. The decline marks the lowest price for the U.S. benchmark since late April, when tensions escalated following attacks between Iran and Israel.
Prior to this drop, WTI had traded near $75.00 earlier in the week, with markets closely monitoring geopolitical risks in the Middle East. The Strait of Hormuz remains a critical chokepoint for global oil supplies, and any disruption typically drives price volatility.
The easing of tensions has reduced immediate supply concerns, contributing to the downward pressure on crude prices.