Crude oil prices dipped below $95 as diplomatic hopes rise.

Crude oil prices dipped below $95 as diplomatic hopes rise. Brent crude fell 0.5% to $94.49 per barrel while U.S. WTI declined 0.8% to $90.59 as markets grew optimistic about U.S.-Iran peace talks and potential Strait of Hormuz reopening. The White House expressed hope for resolving West Asia conflict while warning Tehran of intensified economic pressure if cooperation stalls. The Strait of Hormuz handles approximately 20% of global oil flows, making any disruption significant for markets. Experts remain divided on price direction. Macquarie projects WTI staying volatile between $80 to $100 until formal agreements materialize, with potential gradual moves toward $110 as normal navigation resumes. However, Kotak Securities and Nuvama Institutional Equities forecast crude could reach $120 to $150 per barrel if conflict continues.