Crude oil dips under $70 on hopes of easing tensions
Business
Crude oil prices just dipped under $70 a barrel, something we haven't seen since the Iran-US conflict kicked off in February.
On June 25, West Texas Intermediate (WTI) hit $69, and Brent crude settled at $72.
The drop comes as traders feel hopeful about tensions easing and key oil routes reopening.
Gulf trade routes reopening raises optimism
With Gulf trade routes like the Strait of Hormuz expected to reopen after months of disruption, market optimism is up.
Earlier in the year, these disruptions pushed crude prices as high as $120 a barrel.
Meanwhile, gold prices are sliding too, thanks to a stronger US dollar and signals from the Federal Reserve about keeping inflation in check.