Breaking
WTI, Brent Crude Drop More Than 2%, Giving Back Part of Prior Day’s Rally
Summary
- International oil prices fell more than 2%% intraday, retracing part of the previous day’s sharp gains.
- The market is watching U.S.-Iran ceasefire talks, whether transit through the Strait of Hormuz returns to normal, and energy supply risks as the main factors shaping oil’s near-term direction.
- Oil price volatility could affect investor sentiment toward risk assets, as well as inflation pressures and uncertainty over the interest-rate path.
International oil prices fell more than 2% during the session, surrendering part of the previous day’s rally fueled by tensions in the Strait of Hormuz. The retreat reflects short-term profit-taking and heightened volatility.
Odaily, a media outlet focused on digital assets, reported on June 2 that both West Texas Intermediate and Brent crude fell more than 2% intraday.
WTI was trading at $92.56 a barrel, while Brent stood at $93.07.
Oil prices had surged earlier amid escalating tensions in the Strait of Hormuz and concerns over supply disruptions from the Middle East. Traders are watching U.S.-Iran ceasefire talks, whether transit through the Strait of Hormuz returns to normal, and broader energy supply risks as key drivers of near-term price moves.
Volatility in oil prices could also weigh on sentiment toward risk assets. If energy prices resume their climb, inflation pressures could intensify and uncertainty over the interest-rate path could grow.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
