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Commodities

Iran Deal Sends WTI Crude Futures Plummeting 3%

Guavy AI Editorial Team
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Oil
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WTI crude futures plummeted by 3% intraday on August 4 to $77.65 a barrel, according to Bitget pricing.

The decline comes after US Treasury Secretary Scott Bessent announced that the US and Iran could reach an agreement to reopen the Strait of Hormuz as soon as August 5.

Expectations that the key shipping route for Middle Eastern crude would reopen eased concerns over supply disruptions, putting downward pressure on international oil prices.

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