Global oil futures slipped during Wednesday’s trading session as market sentiment reacted to mounting expectations of an imminent diplomatic breakthrough between Washington and Tehran.
By 8:30 AM Libyan time, Brent crude had shed 1.53% of its value, falling to $98.06 per barrel, while US West Texas Intermediate (WTI) followed suit with a 2.02% decline to stand at $91.99 a barrel.
Meanwhile, international energy agencies warn that the geopolitical landscape remains fragile; should the blockade of the Strait of Hormuz persist through the end of 2026, crude prices could realistically spike toward $150 a barrel.