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WTI Oil Prices Plummet Amid US-Iran Peace Hopes

Guavy AI Editorial Team
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WTI Oil prices plummeted on Monday as investors welcomed news of potential peace talks between the US and Iran. West Texas Intermediate (WTI) oil traded at around $78.45, down 7.76% on the day. The price drop comes after US President Donald Trump announced that a planned military strike against Iran had been suspended in favor of negotiations.

The talks are set to cover Iran's nuclear program and the reopening of the Strait of Hormuz. However, Iran's Foreign Ministry has struck a cautious tone, stating that no discussions with the US are currently underway on the Strait's reopening.

The OPEC+ production increase by around 188,000 barrels per day from September is also contributing to downward pressure on oil prices. TD Securities notes that renewed deal hopes have led CTAs to turn modest sellers of crude oil, but argues that the market read is overly bearish due to global supply constraints.

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