Why did US oil prices fall sharply despite new American military strikes on Iran?

Question

## US oil prices declined due to investor optimism regarding diplomatic progress in the Strait of Hormuz despite renewed military activity

Accepted Answer

West Texas Intermediate (WTI) oil prices fell 5.46 per cent to US$91.33 a barrel, driven by market expectations that Washington and Tehran were nearing a deal to reopen the Strait of Hormuz. This downward trend occurred even as US Central Command launched new military strikes against Iranian missile sites and mining vessels, threatening the fragile ceasefire that began on April 8.

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Why did US oil prices fall sharply despite new American military strikes on Iran?

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