WTI crude slips 1% to $95 on Iran deal hopes

WTI crude futures fell nearly 1% to around $95 per barrel on Thursday, snapping a three-day rally as hopes for progress in US-Iran negotiations eased concerns over potential supply disruptions in the Middle East. President Trump indicated that a breakthrough could be achieved as early as this weekend, improving market sentiment despite ongoing regional tensions. The decline came even as EIA data showed an unexpected 8 million barrel drop in US crude inventories, marking the sixth consecutive weekly draw and bringing stockpiles closer to minimum operating levels. While geopolitical risks remain elevated following recent exchanges between the US and Iran, de-escalation hopes prompted traders to lock in profits after oil's recent surge linked to Strait of Hormuz concerns. Meanwhile, MCX June crude oil futures traded lower by 1% at Rs 9,143 per barrel.

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