WTI Tumbles Below $91 as Iran Rhetoric Escalates Volatility
Crude oil prices have taken a hit as tensions between the US and Iran continue to rise. The West Texas Intermediate (WTI) price slipped below $91.00 per barrel after modest gains in previous trading sessions.
The Iranian President, Masoud Pezeshkian, reiterated that Tehran would not yield to threats at the UN General Assembly, reiterating its right to pursue nuclear technology for economic development.
US Energy Secretary Chris Wright announced that the Trump administration is working with domestic refiners on a voluntary reduction in US diesel exports as an alternative to an overseas shipment ban.
The market is treating 'deal headlines' cautiously, warned TD Securities, and speculated positioning has left crude more sensitive to daily headlines than fundamentals.