WTI Crude Drops 1.80% to $62.50 Amid OPEC+ and Iran Supply Concerns

WTI crude oil prices extended their decline, falling 1.80% to trade near the $62.50 level during daily sessions. Despite this intraday drop, prices remain within the broader trading range observed over the past few weeks, maintaining a period of consolidation. Market sentiment continues to be weighed down by the possibility of OPEC+ increasing production levels and potential progress in US-Iran diplomatic talks. A successful outcome in these negotiations could lead to the lifting of sanctions and the return of Iranian barrels to the global market. Analysts note that while supply-side pressures are evident, the market has not yet broken out of its recent price boundaries. Consequently, energy investors remain focused on upcoming policy decisions from major oil producers and geopolitical shifts.

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