Extending yesterday’s sharp losses, crude oil prices have plummeted on Wednesday amid gradual recovery in tanker traffic across the Strait of Hormuz while indirect negotiations between the U.S. and Iran in an effort to reduce Middle East tensions gain pace.
WTI Crude Oil for August month delivery was last seen trading down by $1.12 (or 1.61%) at $68.38 per barrel.
Nearly after 124 days since the conflict in the Middle East between the U.S.-Israel versus Iranian forces erupted, on June 17, the U.S. and Iran signed a Memorandum of Understanding to halt the attacks immediately for a 60-day period.
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Market Analysis
Crude Oil Plunges Amid Rising Traffic Across Strait Of Hormuz, Ongoing U.S.-Iran Indirect Talks
2026-07-01 18:32:50
