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macroJun 12, 2026, 10:49 AM

WTI Oil Falls for Second Day as US-Iran Deal Hopes Ease Tensions

West Texas Intermediate (WTI) extends its decline for a second straight day, trading near $82.90, as investors unwind defensive positions amid growing optimism over a potential US-Iran deal that could reduce the risk premium tied to Hormuz Strait disruptions.

WTI

West Texas Intermediate (WTI) crude oil fell for a second consecutive day on Friday, with prices hovering around $82.90. The decline reflects a broad unwinding of geopolitical risk premiums as fresh signals emerge that the US and Iran may be moving closer to a diplomatic agreement.

Traders had previously priced in elevated risk linked to potential chokepoint disruptions near the Strait of Hormuz, but the easing of rhetoric has prompted profit-taking. The drop marks a reversal from recent highs driven by supply concerns.

No further details on the deal timeline have been released, but market participants are closely watching for official statements. If talks progress, further downside for oil prices is possible as the risk premium continues to fade.

Source: FXStreet Forex News