Economy / 1 MIN READ
The decline from recent highs above $95 leaves the commodity well below a key threshold as the June 12 settlement approaches.
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WTI Crude Sinks to $87 as July Contract Faces Sudden Selloff
The West Texas Intermediate crude oil July 2026 contract traded at $87.53 on June 9, a sharp drop from earlier highs above $95 that had been driven by geopolitical supply concerns in the Middle East. The settlement price for the June 12 contract will determine whether oil closes above the $92 threshold that has been a focal point for market participants.
Recent weeks saw crude prices elevated on fears of Strait of Hormuz disruptions, but the rapid selloff in early June erased those gains. The July contract now sits roughly $4 below its recent peak, with no clear catalyst for a rebound before today's close.
The absence of a major new supply disruption or demand spike has left oil prices drifting lower. Analysts point to potential ceasefire progress between the United States and Iran as a factor that could further ease supply risk premiums.
For the June 12 settlement, the contract must rise more than 5% in a single session to reach the $92 level. Such a move would require a sudden, unexpected event, as current trading ranges offer no indication of a turnaround.
The settlement price will be determined after market close today by the New York Mercantile Exchange, with the final figure published by ICE and Bloomberg.
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