The price of West Texas Intermediate (WTI) crude oil fell for a third straight session Wednesday as the market reacted to renewed hopes for a diplomatic resolution to the U.S.-Iran conflict. The downturn was highlighted by a rapid intraday selloff in which WTI lost 5.5% of its value in a single hour, a move that followed a statement from Senate Democratic Leader Chuck Schumer promising that the U.S. would end the war with Iran.
The volatility contributed to a broader slide in global benchmarks, with Brent crude slipping 2.9% to $100.60 a barrel and WTI closing down 3% at $93.23. The trend persisted after Donald Trump stated that Washington has no immediate plans for strikes against Iran and asserted that the administration is successfully achieving its goals in the ongoing negotiations.