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Oil Prices Fall Amid Diplomatic Efforts to De-escalate US-Iran Tensions
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- Oil prices dropped Thursday as mediators worked to prevent escalation between the US and Iran.
- Brent crude futures fell to $75.78 and WTI to $71.57, after earlier gains driven by US strikes and Iranian retaliation.
- Analysts suggest a "new normal" of skirmishes rather than a full closure of the Strait of Hormuz.
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Oil prices dropped Thursday as mediators worked to prevent escalation between the US and Iran. Brent crude futures fell to $75.78 and WTI to $71.57, after earlier gains driven by US strikes and Iranian retaliation. Analysts suggest a "new normal" of skirmishes rather than a full closure of the Strait of Hormuz.
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This article was originally published by CNBC.
