WTI Crude Oil Futures Slightly Decline Amid Easing Middle East Tensions

U.S. West Texas Intermediate (WTI, Financial) crude oil futures experienced a slight decline, continuing the downward trend from the previous day. This followed reports that Israel would not attack Iranian oil facilities, which led to a significant sell-off of crude oil.

The November delivery of WTI crude oil futures on the New York Mercantile Exchange closed down by $0.19, or approximately 0.27%, settling at $70.39 per barrel. Earlier, it was noted that senior officials from the Biden administration stated that Israel had informed the U.S. it would limit retaliatory strikes on Iranian military targets, prompting a sell-off that saw U.S. benchmark WTI crude prices fall by over 4%.

This decrease in crude oil prices reflects a reduced concern over potential disruptions to Middle Eastern oil supplies, as much of the price increase that followed Iran’s ballistic missile attack on Israel earlier this month has now been reversed.