WTI Crude Oil Price Hits Two-Week Low Amid Easing Supply Concerns

The West Texas Intermediate (WTI) crude oil price has been experiencing losses for five consecutive days, reaching an over two-week low on Tuesday. As of the Asian session, WTI is trading near $88.50, down over 1% from the previous day's close.

The recent developments in Saudi Arabia and Iran have contributed to easing supply concerns, which has weighed on oil prices. The pipeline disruption to the Red Sea was temporarily resolved, while a diplomatic resolution to end the US-Iran conflict is reportedly being discussed. In exchange for de-escalation, Iran offered to unblock the strategic Strait of Hormuz.

However, US President Donald Trump warned that he faces a big decision on whether to make a deal with Iran or 'annihilate' the Islamic Republic if the conflict remains unresolved. Tighter US sanctions against Iranian aviation have also been implemented, limiting losses for crude oil prices.