WTI Crude Oil Prices Plunge Below $80 Amid Geopolitical Easing

West Texas Intermediate (WTI) crude oil prices have been under selling pressure for three consecutive days, dropping to a nearly two-week low during the Asian session on Wednesday.

The black liquid currently trades below the $80.00 psychological mark and could extend its retracement slide from last Friday's monthly peak amid easing geopolitical tensions.

Iran has restarted talks with neighbor Oman to manage commercial shipping traffic through the key Strait of Hormuz, while the US has offered Iran sanctions relief in exchange for reopening the strategic waterway.

From a technical perspective, WTI broke below its 50% Fibonacci retracement level and is now trading below the 100-period Exponential Moving Average (EMA) on the 4-hour chart.