Sharp drop in oil: WTI falls 8.5% amid US-Iran tension
The war in the Middle East has severely impacted the oil market. Photo: Image generated with artificial intelligence.
TL;DR
- WTI crude oil futures for May dropped by $7.80, closing at $91.28 per barrel.
- US President Donald Trump suggested that negotiations with Iran could resume soon, potentially in Pakistan.
- Despite Trump's comments, the US and Iran delegations left Pakistan without an agreement.
- The US Navy was ordered to blockade the Strait of Hormuz, a critical oil transport route.
- The International Energy Agency (IEA) lowered its global oil demand forecast for the year.
- The IEA warned of prolonged demand destruction and the "largest disruption to oil supply in history."