WTI falls below $93.50 on hopes of strait of Hormuz reopening

WTI prices have fallen to near $93.25 amid hopes of the Strait of Hormuz reopening. Optimism over a potential deal between the US and Iran to end the conflict and reopen the waterway is boosting supply flow expectations, negatively impacting WTI. US crude oil inventories are continuing to decline, reflecting concerns about limited supplies.