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WTI Crude Plunges 13.3% to $88.66 on Middle East Peace Talks, Recovers to $95

GateNews
Commodities

According to reports, WTI crude futures plunged 13.3% to $88.66 per barrel on Thursday before stabilizing above $95 as investors weighed prospects of a Middle East peace agreement. The U.S. transmitted a one-page memorandum of understanding to Iran through Pakistani intermediaries, aimed at formally ending the conflict and paving the way for gradual reopening of the Strait of Hormuz. Tehran confirmed it is reviewing the proposal and is expected to respond within days. President Trump cautioned that the agreement remains unsettled and warned of resumed military strikes if Iran fails to comply. Meanwhile, U.S. oil exports surged to historic highs last week as countries increasingly turned to American supplies amid conflict-related oil shortages.

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