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West Texas Intermediate (WTI) crude oil prices fell by 3.28% to $92.55 per barrel on Friday, marking a sharp reversal from recent gains amid fragile Iran-US nuclear talks and weakening US economic sentiment. The decline follows earlier weekly highs driven by concerns over potential supply disruptions from geopolitical tensions. However, stalled diplomatic efforts to revive the 2015 nuclear deal and mixed data on US energy demand have dampened bullish momentum.
The drop in WTI pressures energy markets as traders reassess geopolitical risks and macroeconomic factors. Weaker US dollar sentiment, driven by speculation over Federal Reserve policy, also impacts oil prices. Traders are closely monitoring whether the price action will test key support levels or stabilize near current levels. The broader commodity complex faces uncertainty as global growth concerns persist.
For Gulf investors, the decline highlights the volatility of energy markets amid geopolitical chess. The US-Iran standoff remains a critical variable, with potential sanctions relief or renewed tensions directly affecting oil flows. Market participants should watch upcoming OPEC+ meetings and US crude inventory reports for directional clues. The $90 psychological level now becomes a key near-term support to monitor.
