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Commodities

WTI Crude Oil Tumbles Below $80 on Hormuz Deal Hopes

Guavy AI Editorial Team
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Oil
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Crude oil futures fell sharply below $80 after US Treasury Secretary Scott Bessent hinted that an agreement involving the Strait of Hormuz could be reached today or tomorrow.

Hopes for a deal strengthened expectations that shipping through the critical energy corridor would normalize, prompting traders to unwind part of the geopolitical premium accumulated during the Middle East conflict.

WTI is now trading beneath all major moving averages, indicating that sellers have regained short-term control in the market.

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