Oil Falls on US Diplomatic Push

2026-03-25 11:21 By Agna Gabriel 1 min. read

WTI crude oil futures dropped more than 2% to $91 per barrel on Wednesday as US diplomatic efforts to end the war with Iran gained traction, overshadowing reports of additional troop deployments and the near-closure of the Strait of Hormuz.

The US reportedly drafted a 15-point plan delivered to Iran via Pakistan to help resolve the conflict, while around 2,000 soldiers from the 82nd Airborne Division were deployed to the region to support security at the vital waterway.

Iran signaled little willingness to compromise, firing missiles at Israel and ruling out ceasefire talks, while allowing some foreign ships to transit the strait under restrictions.

The crisis has intensified global energy pressures, with Chevron warning of a potential California fuel crisis, hundreds of fuel shortages reported in Australia, the Philippines declaring a national energy emergency, and Asian nations reportedly hoarding jet fuel.



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