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Oil prices dip below $90 as Pakistan peace talks raise hopes, but Hormuz tensions keep markets cautious.

Market News
21 Apr 2026
FXEmpire
View Source
Bearish
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Oil prices fell with WTI dipping to around $88 as renewed peace talks in Pakistan eased some geopolitical tensions. However, ongoing US naval blockades on Iranian ports near the Strait of Hormuz keep about 21% of global oil supply at risk, maintaining a risk premium on prices. US oil production remains high, limiting price gains, while natural gas prices stay low due to oversupply and mild weather. Market direction depends heavily on geopolitical developments, with potential swings between $80 and $95 for oil prices.

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