Brent crude has fallen to its lowest level since the outbreak of the US-Iran conflict, marking a significant shift in market sentiment.
The sharp decline reflects a rapid repricing of geopolitical risk, as traders increasingly bet on a potential return of Iranian oil supplies to the global market.
The move comes amid growing confidence in diplomatic progress between the United States and Iran.
Market participants are interpreting recent signals as evidence that the immediate threat of prolonged supply disruption is receding.
This has triggered a broad sell-off in energy benchmarks, with Brent slipping below levels seen before the war began.
The drop underscores how quickly energy markets can pivot when geopolitical narratives change.