Hot Commodities: WTI Crude melts 12% this week, US and Iran sign MOU to end war

WTI Crude oil slipped sharply as a slide under $80 per barrel extended amid visible progress in geopolitical conditions. US President Donald Trump and Iran?s President Masoud Pezeshkian have electronically signed a memorandum of understanding to end the US and Israel?s war on Iran. The Swiss Ministry of Foreign Affairs has also confirmed that talks ⁠between ⁠the US and Iran will go ahead as planned tomorrow. Oil also turned lower amid a clear pullback in commodities following firm US dollar index. WTI Crude is down 2.70% at $73.99 per barrel- it?s lowest in three and half months. Oil did not pay much attention to the drop in US crude storage. Crude oil inventories in the United States fell by 8.3 million barrels during the week ending June 12, according to data from the US Energy Information Administration (EIA) yesterday. The counter is down around 12% this week.

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