$BTC Monday's situation was consistent with expectations. After the IEA announced it would release strategic petroleum reserves, oil prices began to decline. Additionally, on Monday evening, the U.S. announced it would allow Iranian oil tankers to pass through the Strait of Hormuz, which also helped ease oil prices. Currently, WTI crude oil prices have dropped below $95 per barrel, but whether it can continue declining remains to be seen and depends on the tug-of-war situation between the U.S. and Iran.

In the latest announcements from Iran and the United States, Iran seemingly indicated it intends to target American industrial facilities in the Middle East. If this actually occurs, it's estimated that the U.S. would also target Iran's Kharg Island oil facilities. If this continues, unless the conflict can end quickly, oil prices may face volatility again.