WTI nosedives below $90 as Iran reopens Hormuz for two weeks
West Texas Intermediate (WTI), futures on NYMEX, slide over 11% below $90.00 on Wednesday, as Iran has agreed to reopen the Strait of Hormuz, a critical passage to 20% of global energy supply, for two weeks in return for a temporary ceasefire with the United States (US).
Oil prices gained over 50% since the war started in the Middle East involving the US, Israel, and Iran on February 28.
Earlier in the day, US President Donald Trump announced through a post on Truth.Social, that he has suspended planned attacks on Iranian power plants and bridges, as Tehran has agreed to complete, immediate, and safe opening of the Strait of Hormuz”. Trump also acknowledged that Washington has received a 10-point proposal from Iran, which can be negotiated for a complete ceasefire.
According to Iranian officials, both Tehran and Washington will begin negotiations on the 10-point proposal from April 10 in Islamabad. Key demands proposed by Iran are controlled transit through the Hormuz coordinated with Iranian armed forces, ending the war against Iran and allied groups, the withdrawal of US combat forces from all regional bases, lifting all primary and secondary sanctions, payment of full compensation to Iran, and the release of all frozen Iranian assets.
Lower oil prices are expected to ease inflation expectations globally, a scenario that would prompt traders to pare bets supporting interest rate hikes by major central banks in the near term.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Altcoin Price Targets Point to Six 2027 Levels
The AI frenzy withstands the "5% US Treasury yield"! Nasdaq hits new highs, strengthening the "80/20" pattern as Wall Street reassesses stock-bond allocation
The 30-year US Treasury yield briefly reached about 5.53%, hitting its highest level since 2004, while Brent crude remains above $100 per barrel. Risk assets have once again withstood the pressure, reflecting investors' continued belief that the commercialization of AI applications and corporate profit growth can to some extent offset the impact of rising financing costs and discount rates.
AI infrastructure hits a "wall"! Marvell: Copper interconnects and memory bottlenecks become key to the next stage of computing power expansion
The AI computing power competition is evolving into a system-level game encompassing interconnection and memory. According to Marvell executives, inference models have driven KV cache growth by about 10 times in nine months, and rack-level memory can no longer meet demand. Copper connections are approaching their limits, making optical interconnection and memory expansion core to computing power growth. Customization has become an industry trend, and Marvell is set to benefit from its expertise in analog SerDes, photonic fabric memory, and end-to-end customization.
Which Top RWA Tokens Have the Most Real-World Use in 2026?
Crypto prices
More
