Oil Slides to $70 as Iran Ceasefire Kills the War Premium
Crude oil crossed a psychological threshold this week, with WTI touching $69.11 a barrel and Brent holding near $72.83 as of Monday's close. That is a 42% collapse from the April peak above $126, and it tells a straightforward story: the war premium that drove oil to multi-year highs is gone, and it is not coming back easily. Key Takeaways WTI crude closed at $69.11/bbl on July 7, down more than 42% from the April peak above $126 following the US-Iran ceasefire MOU signed June 17. OPEC+ approved its fifth consecutive monthly output increase on July 6, adding 188,000 bpd for August, though analysts describe the quotas as largely a paper move while Hormuz throughput remains constrained. J.P. M…
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