WTI slides 1.81% to a 4.25-month low as U.S.-Iran talks show progress
AI Market Summary
WTI slid to a 4.25-month low as improved US-Iran talks and a decision to pause broader military action reduced geopolitical risk premia. Supply signals also turned more bearish: Persian Gulf tanker traffic normalized, Gulf exports recovered to ~75% of prewar levels, and Russian exports rose to 4.13 mbpd. While EIA showed a sizable crude draw, easing disruption risk and rising supply expectations dominated.
Impact level
● High
Affected assets
NCCO1OILWTI2USD/USDT-2.95%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▼ Bearish
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U.S.-Iran talks in Qatar were described as constructive, and the Trump administration has held off on renewed military action against Iran, easing market concerns. Tanker traffic out of the Persian Gulf has returned to typical prewar levels, and crude exports from the region have recovered to at least 75% of prewar volumes, according to Bloomberg calculations. Russian crude exports rose to a four-week average of 4.13 million bpd through June 28, while Iraq warned it could leave OPEC if it does not receive a higher output quota. WTI fell 1.81% to a 4.25-month low as the IEA cut its 2024 global oil-demand outlook to a decline of 1.1 million bpd, while gasoline rose 1.16%.
