Oil Prices Slide as Traders Bet on Diplomacy

July WTI crude oil futures traded sharply lower through Thursday as traders removed much of the geopolitical premium tied to tensions between the United States and Iran. Through June 11, the contract traded between a high of $95.47 and a low of $85.13 before settling near $85.93. At that level, prices were down $4.32, or 4.79%, from last week's close. The week's price action was driven largely by changing expectations surrounding President Trump's approach toward Iran. Early concerns that the conflict could escalate and threaten Middle East oil…