WTI and Brent fall on optimism over US Iran progress
Business
Oil prices took a dip on Tuesday, mostly because traders are feeling hopeful about possible progress between the US and Iran.
WTI crude dropped 1.8% to $101.79 per barrel, while Brent crude also slipped to $108.79 after hitting higher peaks earlier in the day.
Tensions raised prices while markets adjust
Tensions in the Middle East have been pushing oil prices up lately: think attacks on ships and tighter supply from key regions like the Strait of Hormuz.
But with the US decision to exempt Russian shadow fleet from sanctions and talk of diplomacy with Iran, demand is shifting and markets are adjusting.
This drop is a noticeable shift for anyone watching global energy trends.