- Oil slumps as ceasefire takes hold
- WTI fell more than $5/Bbl after Iran’s symbolic strike on U.S. bases in Qatar was seen as a sign of de-escalation
- The prompt-month contract dropped another $2.81 Tuesday morning to $65.70/Bbl (7:45 AM CT)
- Prices are now fluctuating around a fragile truce, with President Trump accusing both sides of violations but affirming the ceasefire would hold
- Persian Gulf oil flows remain unaffected, with no disruptions through the Strait of Hormuz
- The sell-off has erased gains from the June 12 Israeli strike on Iran, returning prices to pre-conflict levels
- The WTI forward curve has flattened; mid-2026 and beyond has shifted into contango, mirroring the pre-crisis structure
- Traders are increasingly pricing in a global surplus later this year, driven by rising production from both OPEC+ and non-OPEC producers outpacing demand growth
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