Oil prices retreated from near six-month highs following market expectations of a potential de-escalation in hostilities between the United States and Iran. As of 07:44 AM ET, U.S. West Texas Intermediate (WTI) crude futures fell $1.76, or 1.7%, to $101.51 per barrel; Brent crude futures dropped $1.49, or 1.28%, to $115.23.
Vandana Hari, founder of Vanda Insights, stated that concerns about a resurgence of military conflict in the Middle East have eased. However, she also noted that U.S. President Donald Trump has not dispelled market expectations of potential action against Iran after the midterm elections, anticipating that oil price volatility will remain high.
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West Texas Intermediate (WTI) crude futures fell $1.76, or 1.7%, to $101.51 per barrel; Brent crude futures dropped $1.49
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