Hot Commodities: Oil tumbles by 4% on de-eascaltion hopes

Oil prices tumbled sharply, with WTI crude falling by nearly 4% at $98 per barrel mark in Asian trade, as hopes of de-escalation in the Middle East dampened risk premiums. Additional pressure came from a stronger US dollar, with the dollar index hovering near 99.3 after a solid monthly gain of over 2%, amid reduced expectations of Federal Reserve rate cuts. While Fed Chair Jerome Powell reassured markets on stable long-term inflation expectations, traders remained cautious ahead of President Trump?s upcoming address on Iran.

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