WTI falls nearly 3% to $91.25 as traders weigh US-Iran deal progress

Crude oil futures extended losses in Wednesday?s electronic session, with WTI crude slipping toward $91 per barrel and Brent crude falling to around $97, as optimism over a potential US-Iran peace agreement eased concerns about global supply disruptions. Markets reacted to reports that both nations had agreed in principle on a deal that could reopen the strategically vital Strait of Hormuz, a route responsible for nearly 20% of global seaborne oil trade. The possibility of restored flows reduced geopolitical risk premiums that had pushed oil prices sharply higher earlier this year. Back in India, MCX crude oil futures mirrored the global weakness, falling more than 3% to around ₹8,770 per barrel as traders booked profits amid improving supply expectations.

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