Crude Oil Market Update: Crude Oil Slips as Geopolitics Cool and the Demand Drops

BySarah Thompson

Crude oil prices extended losses, with West Texas Intermediate (WTI) sliding sharply below the $63 per barrel mark. The selloff comes as easing geopolitical tensions between the US and Iran reduce supply risk premiums, while weaker-than-expected global demand projections add further pressure.

The International Energy Agency (IEA) trimmed its global oil demand outlook, citing softer growth across Asia and a lingering supply surplus. Meanwhile, comments from the Israeli President suggested progress toward a potential agreement between US President Donald Trump and Iran’s Supreme Leader Ali Khamenei, cooling fears of escalating Middle East tensions.

WTI has fallen more than 3.5% from the day’s open and is approaching the key $62 level near its 200-day EMA — a technical zone traders are watching closely.

“When geopolitical heat fades and demand cools, crude prices tend to follow.”

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About our author
Sarah Thompson
Sarah Thompson

Sarah Thompson is a professional Forex trader with over 7 years of experience in the financial markets. She specializes in Forex trading strategies, technical analysis, Gold and Indices market trends, risk management, and performance evaluation. Since joining SureShotFX in 2021, Sarah has authored numerous in-depth articles, reports, and insights for traders of all experience levels.