WTI Oil Dips Below $70 as Iran Deal Unwinds Geopolitical Premium

WTI crude has slipped below $70 per barrel by June 30, marking the latest leg lower after a volatile two-week period. Prices fell sharply from the mid-$70s following the June 22 US-Iran 60-day roadmap agreement that reopened the Strait of Hormuz, erasing most of the earlier war premium. A brief rebound above $70 occurred June 28-29 on renewed military friction, but the move proved short-lived as de-escalation resumed and Fed hawkishness took over as the dominant driver. Brent crude ended the period near $73 after a nearly 10% weekly drop, while 2-year Treasury yields climbed to 16-month highs on persistent inflation concerns.