The main US oil contract (WTI) briefly traded below $70 a barrel Wednesday afternoon for the first time since the start of the Middle East conflict, according to market data cited by Insider Paper. The drop extends a sustained decline driven by the US-Iran peace deal and expectations of increased Iranian oil exports.
The benchmark West Texas Intermediate crude contract traded below $70 a barrel Wednesday afternoon, according to market data cited by Insider Paper — the first time the US benchmark has fallen below that level since hostilities in the Middle East erupted. The decline extends a multi-week slide driven by the US-Iran peace deal signed last week, which removed the threat of supply disruption and opened the path for increased Iranian oil exports. As The Zioneer previously reported, Brent crude had fallen to $83 on the deal's announcement and continued declining toward $75. Analysts have warned the benchmark could fall further as Iranian oil re-enters global markets, with some projecting a drop toward $20 per barrel. The sub-$70 level marks a significant milestone in the conflict's economic aftermath, with implications for US gasoline prices and inflation expectations.
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