Texas Oil Drops Nearly 2% on Potential US-Iran Peace Deal

Texas Intermediate (WTI) crude oil prices experienced a notable drop, falling by 1.95% to $87.17 per barrel. The decrease began Friday morning as markets reacted to news suggesting a potential peace agreement between the United States and Iran.

By 9:00 AM local time in New York, WTI futures contracts were down $1.73 from the previous day's closing price. This market movement reflects investor sentiment anticipating a de-escalation of tensions in a region critical to global oil supply.

U.S. Treasury Secretary Scott Bessent stated the previous day that Washington and Tehran were nearing an accord to end the ongoing conflict. However, the final approval from U.S. President Donald Trump remains pending. Key demands from the White House include Iran dismantling its enriched uranium stockpile, permanently abandoning nuclear weapons development, and reopening the Strait of Hormuz, a vital shipping lane for global oil transport.