Crude Oil is trading 3% down at $91.05 following a multi-day selloff driven by easing geopolitical risks and positive developments in U.S.–Iran diplomacy.
- Reports highlight progress toward a ceasefire and the potential normalization of shipping in the Strait of Hormuz, which has compressed the geopolitical risk premium previously embedded in prices.
- In the absence of major U.S. economic data, market participants are shifting toward a risk-on sentiment that favors technology stocks over energy assets.