Crude Oil is trading 4% down at $98.77 as geopolitical risk premiums unwind following a de-escalation in U.S.–Iran tensions.
- President Trump paused a planned military strike to allow for negotiations, significantly easing immediate supply-shock fears.
- The sharp pullback extends a retreat from recent highs, pressuring prices despite broader strength in the equity markets.
- Traders are recalibrating positions as the immediate threat to Middle Eastern oil infrastructure diminishes.