WTI briefly fell below $90 in the crude oil futures market. Supply concerns receded on expectations of progress in ceasefire talks on reopening the Strait of Hormuz, and the contract recovered to close at $94.59.
WTI crude oil futures on the New York Mercantile Exchange fell in trading on the evening of the 22nd, briefly dropping below $90. This was the lowest level in about two weeks, with expectations of progress in the ceasefire talks providing support.
Iran's foreign minister was reportedly said to have met with the US special envoy for peace negotiations and presented a proposal including a halt to the fighting as a condition for reopening the Strait of Hormuz.
Crude oil futures closed lower for a fifth consecutive trading day on the 22nd. The WTI October contract ended at $94.59 per barrel, down $1.19 from the previous day.