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WASHINGTON: Crude oil prices fell sharply over the past 24 hours as markets reacted to renewed optimism that the United States and Iran may be moving closer to a diplomatic understanding that could ease tensions in the Strait of Hormuz.
Brent crude, the international benchmark, slipped to around $87-$90 per barrel in the latest trading session. US West Texas Intermediate (WTI) declined more sharply, settling near $77.41 per barrel, according to financial market data. The decline extends a broader downtrend, but traders say the latest move is driven mainly by short-term sentiment tied to geopolitical expectations.
Published in Dawn, June 14th, 2026
Anwar Iqbal is the Washington correspondent for Dawn. During a long journalism career, he has interviewed world leaders and cultural icons, including US Presidents George W. Bush and Barack Obama, poets Faiz Ahmed Faiz and Josh Malihabadi, Bacha Khan, Nobel laureate Abdus Salam, and humanitarian Abdul Sattar Edhi.
