WTI crude fell about 3% intraday, slipping below $95/barrel

WTI crude prices fell about 3% intraday on June 4, 2026, slipping below $95 per barrel amid shifting geopolitical dynamics and profit-taking following a recent surge. The decline came after a sharp rally driven by heightened tensions in the Middle East and fears of supply disruptions through the Strait of Hormuz, a critical oil shipping route. However, comments from U.S. President Donald Trump urging other nations to share responsibility for securing the waterway eased some immediate concerns, prompting traders to reassess risk premiums.

The pullback in oil prices also reflected broader market volatility. U.S. equities had fallen to three-month lows the previous week, while gold and other commodities retreated as risk sentiment shifted. Analysts attributed the drop to a combination of profit-taking, diplomatic developments, and uncertainty over the trajectory of the Middle East conflict. Despite the decline, oil markets remain highly sensitive to geopolitical developments, particularly any escalation that could disrupt shipping through the Strait of Hormuz.

On the supply side, U.S. crude oil inventories have fallen for six consecutive weeks, approaching minimum operating levels, which has supported prices to some extent. However, the market remains cautious, with traders closely monitoring geopolitical developments, energy supply routes, and central bank policies for further direction.