WTI Crude Dips Below $91 Amid Iran-US Tensions
WTI crude oil slipped below $91 per barrel on Thursday as tensions between Iran and the US continued to escalate. Iranian President Masoud Pezeshkian stated that Tehran would not yield to threats, reiterated its right to pursue nuclear technology for economic development, and warned of restricting freedom of navigation through the Strait of Hormuz while US sanctions remain in place.
In response, US Energy Secretary Chris Wright announced a voluntary reduction in US diesel exports as an alternative to an overseas shipment ban. This move is seen as an attempt to mitigate potential disruptions to global oil supplies.
The market remains volatile due to ongoing diplomatic talks between the US and Iran. TD Securities warned that 'deal headlines' are being treated cautiously, and elevated speculative positioning could leave crude sensitive to daily news rather than fundamentals.