Crude Oil is trading 3% down at $91.05 following a sharp multi-day selloff tied to improving U.S.–Iran diplomatic prospects and a reduced geopolitical risk premium.
- Recent reports highlight ongoing U.S.–Iran ceasefire and reopening negotiations, which are pressuring prices as traders reassess supply disruption risks.
- Market participants are unwinding prior conflict-driven gains as concerns regarding the Strait of Hormuz ease.