Will Oil Fall To $70? Narendran Taneja Explains The Market Shift

Oil markets are witnessing a sharp correction as geopolitical tensions around Iran and the United States ease following diplomatic signals. Brent crude has fallen from recent highs near 91 dollars, while WTI has also softened, reflecting reduced risk premium. According to Narendran Taneja, Energy Expert, the current price levels are still above fundamental demand-supply estimates, which suggest a fair value closer to 70–72 dollars per barrel. He notes that the recent decline is largely due to expectations of a possible Iran-US agreement and reduced fears over the Strait of Hormuz disruption. However, volatility remains high as markets react quickly to statements from global leaders, particularly President Trump. Markets remain volatile as diplomacy shifts keep traders cautious and uncertain overall outlook.