Oil drops toward $74 as markets eye Hormuz reopening

WTI Crude oil prices eased toward $74 per barrel on Wednesday, hovering near a three-month low as investors continued to assess the impact of a proposed U.S.-Iran agreement that could reopen the Strait of Hormuz and restore additional crude supplies to global markets. Expectations of easing geopolitical tensions have pushed oil prices down nearly 15% this month, reducing fears of supply disruptions. Meanwhile, MCX June crude oil futures traded near ₹7,100 per barrel. Market participants are also closely monitoring the Federal Reserve?s policy meeting, as interest rate signals and the broader economic outlook could influence future energy demand and price trends.

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