WTI Crude Retreats as Iran Tensions Ease, Brent Falls Below $90

The price of WTI crude oil has retreated to near $82 following a decline in tensions between the US and Iran.

After a surge driven by war fears, the halt in air strikes by the US has led to a reversal in investor sentiment.

Brent crude, on the other hand, closed at $88.36, down 8.7%, while WTI declined 7.5% to end at $82.61.

Despite significant limits on Gulf shipping, both benchmarks settled under their July 20 marks.

The Energy Information Administration projects global inventories to decline by 2.2 million barrels per day in the third quarter and rise by 2.7 million barrels per day in the fourth quarter.