Oil prices retreat as geopolitical tensions ease, pulling WTI away from recent highs near $92.25.
West Texas Intermediate crude oil trades near $84.00, extending losses as hopes for de-escalation in the US-Iran conflict weigh on prices. The benchmark opens the week with a bearish gap, retreating from a June 8 high of $92.25.
Last week, WTI climbed to its highest level since early June, driven by supply concerns and geopolitical risks. Analysts had expected further upside amid tight inventories, but easing tensions reduced immediate risk premiums.
Markets now focus on upcoming inventory data and OPEC+ production decisions, which could influence near-term price direction.