U.S. Crude Futures Dive Over 7% Amid Geopolitical Tensions

U.S. crude futures plummeted more than 7% in early Asia trading after reaching their highest since June 2022. The decline followed a call between Russian President Putin and U.S. President Trump, where Putin proposed solutions for the Iran conflict. WTI crude futures fell to $87.54 a barrel.

The price of U.S. crude futures sharply declined by more than 7% in early Asian trading, erasing recent gains that had lifted it to its highest level since June 2022.

This drop comes in the wake of a diplomatic conversation between Russian President Vladimir Putin and U.S. President Donald Trump. According to Kremlin policy aide Yuri Ushakov, Putin proposed strategies for a rapid resolution of the issues surrounding Iran.

As of 2206 GMT, U.S. West Texas Intermediate (WTI) crude futures had fallen $7.23, or 7.6%, resting at $87.54 a barrel, after reaching a session peak of $119.48 the previous day.

(With inputs from agencies.)