WTI retreats toward $60.00 as fears of a US military strike on Iran ease

"In the current market, the trend of WTI oil has significant implications for the broader economy, especially as the easing tensions with Iran foster an oversupply sentiment. The heavy price outlook suggests that there might be sustained pressure on crude prices in the near term. Investors must remain vigilant to shifts in supply-demand dynamics and changes in geopolitical situations. Moreover, caution is warranted when dealing with oil-related ETFs and stocks, as economic indicators and geopolitical risks continue to capture market attention. Should unexpected price movements occur, this may trigger further risk-averse behavior, indicating the importance of preparedness."