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Commodities

Oil Prices Slide as US-Iran Deal Hopes Eases Geopolitical Risks

Guavy AI Editorial Team
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Oil
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Oil prices extended losses on Wednesday as traders weighed renewed US-Iran negotiations and a pause in US attacks against Iran, reducing the geopolitical risk premium in crude markets.

The International benchmark Brent crude futures for October traded at $79.29 per barrel, down 0.09% from the previous close of $79.36.

US benchmark West Texas Intermediate (WTI) futures traded at $75.40 per barrel, down 0.5% from $75.77 in the previous session.

A possible interim agreement aimed at reopening the Strait of Hormuz and restoring a ceasefire between Washington and Tehran is nearing completion, with a possible announcement expected as early as Wednesday.

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