WTI Slides to $102.3 as Fed Hikes Rates Amid Hormuz Crisis
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WTI crude for October delivery fell 3.33% to $102.3 per barrel, pulling back from recent highs as the Federal Reserve delivered its first rate hike since 2023, lifting the benchmark rate to a 3.75%-4.00% range.
The move came even as Brent slid 2.88% to $105.6, with both benchmarks retreating from multi-month peaks despite an unresolved US-Iran conflict that continues to threaten Strait of Hormuz shipping lanes.
Traders are now weighing whether the Fed's tightening path will curb demand enough to offset the supply shock still building across Middle East export corridors.