Crude oil prices experienced a notable decline of over 2% on Wednesday, influenced by escalating geopolitical tensions surrounding Iran. The market reacted to statements from former United States President Donald Trump, who asserted that Iran was eager to secure a deal. Concurrently, the Islamic Revolutionary Guard Corps (IRGC) issued a stern warning, indicating that any new aggression against Iran could potentially broaden the conflict in the Middle East beyond its current regional scope.
Further contributing to market uncertainty was the recent passage of a vessel operated by a South Korean shipping company through the critical Strait of Hormuz. This marked the first such transit since the onset of the conflict, drawing significant attention from investors.
In commodity trading, West Texas Intermediate (WTI) crude for July deliveries saw a 2.13% drop, settling at $101.93 per barrel by 10:52 am ET. Similarly, Brent crude for July settlements fell by 2.02%, trading at $108.83 per barrel at 10:53 am ET.
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