WASHINGTON (dpa-AFX) - Crude oil prices plunged heavily on Wednesday amidst reports that a deal between the U.S. and Iran is nearing agreement. The massive decline in crude oil prices also followed key announcements regarding the U.S. temporarily halting Project Freedom aimed at guiding commercial vessels through the Strait of Hormuz and ending Epic Fury, the combat operations against Iran. Both Brent and WTI crude oil price benchmarks are currently trading more than 6 percent lower on an overnight basis.
Brent Oil Futures for July settlement are currently trading at $102.64, plunging 6.6 percent from the previous close of $109.87. In the day's trading, Brent ranged between $96.77 and $110.84. The 52-week trading ranged between $58.72 and $126.41.
With the day's plunge, Brent's price movement has resulted in weekly losses of 13 percent and monthly losses of 6 percent. Year-to-date gains are a little less than 69 percent. Brent oil's gains over the past year have fallen to 65 percent while gains from the levels three years ago stands at a little more than 36 percent.
West Texas Intermediate (WTI) Crude Oil Futures for June settlement has tumbled 7.3 percent from the previous close of $102.27 at its current trading price of $94.83. Prices ranged between a low of $88.71 and a high of $102.67 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight decline, WTI crude oil is saddled with weekly losses of 11.3 percent and monthly losses of 16.1 percent. Year-to-date gains exceed 65 percent. WTI prices are currently around 60 percent above the levels a year ago and more than 33 percent above the levels three years ago.
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