Crude Oil is trading 2.9% down at $85.13 as shifting expectations surrounding the U.S.–Iran conflict lead traders to unwind the recent war premium.
- Prices retreated after comments suggested canceled or paused U.S. attacks and potential peace talks, reducing the perceived risk of supply disruptions in the Strait of Hormuz.
- The downward move follows sharp overnight volatility, with futures pulling back from recent highs as immediate geopolitical concerns appear to subside.