Oil prices for WTI and Brent crude have narrowed, with WTI briefly dropping below $90, according to BlockBeats. Hyperinsight monitoring indicates a 4.2% decline from the day's peak at noon, currently priced at $90.1.
In response to the conflict in Iran, U.S. President Donald Trump's administration plans to release 172 million barrels of oil from the U.S. Strategic Petroleum Reserve. This move is part of a broader initiative by International Energy Agency (IEA) member countries to release a total of 400 million barrels globally. The announcement, made at noon, prompted a swift market reaction, leading to a pullback in pre-market oil gains.