Middle East Tensions Ease, But Oil Prices Remain Volatile

Oil prices have taken a hit as tensions in the Middle East ease following a pause in US and Iran missile strikes. WTI crude dropped to around $84.33, while Brent crude retreated from $100 to about $90.94. The immediate geopolitical tension has subsided, but volatility remains high due to ongoing uncertainties in the region.

The market is also being driven by historically low levels of the US Strategic Petroleum Reserve. Traders should expect continued price swings as headlines drive market moves, making risk management challenging in the near term.