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WTI oil plunges 10%, testing $90 amid easing Hormuz Strait tensions and market volatility.

Market News
24 Mar 2026
FXEmpire
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Bearish
pluang ai news

WTI crude oil prices dropped sharply by 10.3% in one day, falling to around $91 per barrel as geopolitical risk premiums linked to the Strait of Hormuz eased. The Strait, crucial for 20% of global oil supply, remains tight, keeping shipping and insurance costs high, but increased US oil production and signs of reduced supply fears pressured prices downward. Natural gas prices held steady near $2.90, showing mixed signals with potential resistance at $3.05. Brent crude remains above $95 but faces consolidation, with prices likely to fluctuate depending on developments in Gulf tensions and supply disruptions.

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