West Texas Intermediate (WTI) crude oil prices slipped below the $93.50 mark during early European trading hours on Thursday. According to FX Street, the contract was trading around $93.20 as investors engaged in profit-taking amid ongoing geopolitical tensions between the US and Iran.
The price pullback reflects cautious market sentiment despite the persistent uncertainty surrounding the region. Traders appear to be locking in gains after recent rallies driven by supply concerns linked to the US-Iran standoff.
For Japanese investors, movements in WTI crude remain closely watched due to Japan's reliance on imported oil and the impact of energy costs on both the forex and equities markets.