Crude Slides Nearly 9% as Traders Bet on Return of Iranian Oil

August WTI crude oil futures posted a steep decline during the week ending June 19 as traders aggressively removed geopolitical risk premium from the market following a breakthrough agreement between the United States and Iran. The contract traded between a high of $81.00 and a low of $72.83 before settling at $75.22, down $7.22, or 8.73%, from the previous week's close. The selloff extended throughout most of the week as traders shifted their focus from fears of supply disruption in the Persian