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WTI Crude Oil futures pull back after an eight-session rally, dropping roughly 2.5% to trade near the $100 mark. The selling pressure follows news of potential negotiations among Middle East nations regarding shipping in the Strait of Hormuz, which has helped ease short-term supply concerns. Despite the daily decline,
WTI crude futures pulled back slightly to trade near $90.75, snapping a four-day rally that pushed prices to highest levels since early June. Intraday selling earlier took prices to $88.72 before a late recovery.
U.S. officials say the naval blockade of Iran can be maintained “indefinitely,” while Treasury Secretary Scott Bessent warns of impending measures tied to the economic isolation campaign.