The news prompted expectations that a peace deal may be in the making, pressuring Brent crude below $107 and West Texas Intermediate tumbling to under $100. At the time of writing, Brent crude was trading at 106.50 per barrel, and WTI was changing hands for $98.55 per barrel.
Crude oil exports through the Port of Corpus Christi—the world’s third-largest oil export terminal—have surged amid the war in Iran. As uncertainty continues over Middle East oil production and exports, all eyes have shifted to Texas.
Curious Minds Corner
In what year did crude oil prices hit their all-time peak over the past century?
2008, when Brent crude topped $147 per barrel amid supply fears and demand surges.