U.S. Crude Prices Trim Losses; WTI at $90.19 Per Barrel

AI Summary

On Wednesday, West Texas Intermediate (WTI) futures fell nearly 4% to $90.19 per barrel, while Brent crude decreased over 3% to $96. This followed the White House's dismissal of an Iranian state media report regarding a framework deal that would restore commercial traffic through the Hormuz Strait to prewar levels. The report had temporarily pushed U.S. benchmark prices below $90. Industry experts, however, express skepticism, citing it could take until the first or second quarter of 2027 for oil flows to fully normalize. The situation remains volatile with ongoing negotiations and military tensions.