WASHINGTON: Crude oil prices fell sharply over the past 24 hours as markets reacted to renewed optimism that the United States and Iran may be moving closer to a diplomatic understanding that could ease tensions in the Strait of Hormuz.

Brent crude, the international benchmark, slipped to around $87-$90 per barrel in the latest trading session. US West Texas Intermediate (WTI) declined more sharply, settling near $77.41 per barrel, according to financial market data. The decline extends a broader downtrend, but traders say the latest move is driven mainly by short-term sentiment tied to geopolitical expectations.

Published in Dawn, June 14th, 2026