Brent Crude Dips Below $98 as US-Iran Deal Eases Tensions

Oil prices fell by 5% today, with Brent crude dropping below $98, as optimism surrounding a potential US-Iran deal diminished concerns over disruptions in the Strait of Hormuz. This decline reflects a shift in risk appetite, as traders reassess geopolitical tensions that could impact oil supply. The energy sector, particularly crude oil futures, is most exposed to these developments due to their sensitivity to geopolitical risks and supply chain stability. Market participants will be closely watching any updates on diplomatic negotiations between the US and Iran, as these could significantly influence future price movements.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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