business
3 min read•Sep 26, 2026
Why Is Crude Oil WTI Down Today? Iran's Hormuz Peace Plan and Surprise Inventory Build Trigger 2.4% Selloff
West Texas Intermediate crude tumbled 2.4% to $92.44 a barrel Thursday as traders rapidly unwound the geopolitical risk premium built into oil prices since the 2026 Iran conflict began. The selloff was triggered by Iran's foreign minister proposing a seven-day roadmap to reopen the Strait of Hormuz at the UN General Assembly, compounded by a surprise 3-million-barrel U.S. crude inventory build reported by the EIA.
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