Crude oil prices drop sharply as US-Iran peace talks spark long liquidation amid Strait of Hormuz tensions.

Crude oil prices, including June WTI and Spot Brent, fell sharply last week following peace headlines between the US and Iran, triggering a rapid sell-off from a crowded bullish market. Despite the decline, geopolitical risks remain as Iran has not accepted the peace proposal and the Strait of Hormuz remains a strategic chokepoint, keeping a price floor. Market volatility is expected to continue with key technical levels at $99.80 for WTI and $110.16 for Brent setting the tone. The outcome of ongoing negotiations will drive short-term price movements amid inflation concerns tied to oil costs.