Crude Oil Nears $70 per Barrel

Crude oil prices have dropped significantly and are now trading close to $70 per barrel. Brent Crude was at $70.60 per barrel while WTI was around $67.

Despite the Strait of Hormuz not being fully operational, prices are falling due to increased OPEC+ production, progress in US-Iran talks, and reduced risk premium in the market. President Donald Trump’s prediction of a crude oil price crash appears to be coming true.