Crude Oil Hits 5-week Low

WTI crude futures plunged more than 10% to below $84 per barrel on Friday, hitting near five-week lows after Iran’s Foreign Minister Abbas Araghchi announced that the Strait of Hormuz is now fully open to commercial traffic during the ceasefire period. The move boosted optimism that one of the most severe global energy supply disruptions in recent history may be easing. The statement followed earlier remarks from President Donald Trump, who said Iranian concessions could pave the way for a broader peace deal. Prices extended losses after reports that the US may release $20 billion in frozen Iranian funds in exchange for enriched uranium stockpiles, with further talks expected this weekend. The market is increasingly pricing in an end to the conflict’s impact on supply, after nearly 50 days of disruption that had choked off a significant share of global oil flows.

Crude Oil decreased to 84.36 USD/Bbl, the lowest since March 2026. Over the past 4 weeks, Crude Oil WTI lost 11.26%, and in the last 12 months, it increased 35.74%.

Crude Oil WTI decreased 4% to 90.898 USD/Bbl