West Texas Intermediate (WTI) crude fell for a third consecutive day, trading around $87.20 per barrel during Asian trading on Friday. The decline follows reports that the United States and Iran have tentatively agreed to a 60‑day extension of their ceasefire, which could allow unrestricted shipping through the strategic Strait of Hormuz.
Under the proposed terms, Iran would clear all mines from the waterway within 30 days. However, the situation remains fluid: U.S. President Donald Trump has not yet signed off on the agreement, and Vice President JD Vance has warned that a final deal is still uncertain.
Optimism surrounding the potential U.S.–Iran talks has pushed the U.S. benchmark down nearly 15 % this month. Despite the price drop, long‑term challenges persist, including Tehran’s nuclear program, control of the Hormuz passage, and the broader issue of sanctions relief.
Adding to downward pressure on energy markets, the latest EIA data showed U.S. crude inventories fell by 3.3 million barrels last week. Although this marks the sixth straight week of drawdowns, the reduction was smaller than the 4.1 million‑barrel decline analysts had expected, tempering bullish sentiment.
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