WTI Crude Oil Prices Stabilize Near $79 Amid Ongoing Middle East Tensions
The price of West Texas Intermediate (WTI) crude oil has held its losses near $79.00 amid ongoing Middle East peace talks and OPEC+ output expansion.
After opening with a bearish gap, WTI gained ground to trade around $79.30 per barrel during Asian hours on Monday, representing a nearly 7% drop from the previous day's close.
The sharp decline in oil prices followed a post by US President Donald Trump on Truth Social, stating that Iran and other Middle Eastern nations had requested additional time to finalize an agreement, which would lead to the immediate reopening of the vital Strait and effectively eliminate Iran's nuclear threat.
Meanwhile, shipping data revealed contrasting developments in regional waters: while two tankers carrying Saudi oil successfully navigated the Bab el-Mandeb Strait out of the Red Sea over the weekend, traffic through the Strait of Hormuz slowed significantly due to reported vessel strikes.
The UK Maritime Trade Operations confirmed three additional tanker attacks since Saturday, highlighting the ongoing security risks in the region.