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Commodities

Iran Deal Hopes Send WTI Crude Prices Plummeting

Guavy AI Editorial Team
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West Texas Intermediate (WTI) US Oil prices plummeted by 3.91% on Tuesday, hitting their lowest level in a week at $75.70 per barrel.

The decline comes as US Treasury Secretary Scott Bessent signaled that talks with Iran are ongoing and that a deal could be reached as soon as Tuesday or Wednesday to reopen the Strait of Hormuz and normalize the conflict.

Bessent added that, if an agreement is reached, he expects energy prices to 'settle back down.'

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