Oil prices fall as diplomatic efforts ease tensions, with WTI trading at $79.50 after a 9% drop from last week’s highs.
West Texas Intermediate crude fell below $80, trading at $79.50, as reports of Iran-Oman talks to reopen the Strait of Hormuz weighed on prices. The decline marks a 9% drop from last week’s peak above $87.00.
Investors reacted to signs of de-escalation in US-Iran tensions, including softer-than-expected US sanctions. Analysts noted Washington’s shift toward economic pressure over military action, easing supply disruption fears.
The US Energy Information Administration is set to release its weekly crude stockpiles report later today, which could further influence market sentiment.