Crude Oil is trading 3.7% down at $77.35 after a sharp unwinding of the geopolitical risk premium and news of upcoming supply increases.

  • President Trump cancelled planned strikes on Iran, significantly easing fears of a broader conflict and potential supply disruptions in the Middle East.
  • OPEC+ members reached an agreement to raise production quotas starting in September, adding further downward pressure to futures in today's pre-market session.