WTI Oil Plunges 10% Amid Easing Tensions with Iran

The price of WTI oil has plummeted by 10% as tensions between the US and Iran appear to be easing. According to President Trump, there is a good chance for a deal to end the conflict.

In recent days, the US had put significant pressure on Iran, but the latter showed resilience, leading both sides to seek a temporary agreement.

The potential reopening of the Strait of Hormuz has also contributed to the decline in oil prices. If a deal is reached, Houthis are expected to back off their maritime blockade on Saudi Arabia.