WTI Oil drifts below $72.00 as Iran eases the grip on the Strait of Hormuz
Crude Oil prices keep trending lower, with the US benchmark West Texas Intermediate (WTI) barrel extending its decline below the $72.00 line on Wednesday, and reaching its lowest level since the UA and Israel attacked Iran in late February.
News reporting an increase in traffic through the Strait of Hormuz and the US decision to waive sanctions on Iran's crude during the 60-day ceasefire seem to have offset investors’ concerns about friction over nuclear inspections and doubts about the outcome of the peace deal.
Iran's nuclear inspections remain in the air
US President Donald Trump and Vice President JD Vance claimed that Iranian authorities agreed to allow entry to International Atomic Energy Agency (IAEA) inspectors to the country, although the Iranian Foreign Ministry Spokesperson, Esmaeil Baradei, said that there is no schedule for those inspections.
Meanwhile, the Strait of Hormuz Live Tracker, which monitors traffic through the Persian Gulf corridor, has reported 39 ships crossing the key waterway in the last 24 hours. This is still a fraction of the average 130 vessels passing through the corridor before the war started, but a sharp increase over the traffic seen before the US-Iran peace deal.
Beyond that, US President Donald Trump lashed out at oil firms in a post on Truth Social, accusing them of keeping fuel prices high at the pump despite the “lower prices they are paying for Oil.” He added that he has urged the Department of Justice (DOJ) to look for unfair commercial practices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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