Brent crude fell below $72.48 a barrel on Thursday morning, erasing recent gains built on supply disruption fears.
The sharp decline in energy prices signals a rapid repricing of geopolitical risk as markets digest emerging ceasefire developments in the Gulf region.
The sell-off extended across safe-haven assets, with gold prices melting down and Bitcoin facing heavy selling pressure.
This broad-based risk-on move marks a distinct shift from the previous session, where global bond markets had plunged amid concerns over prolonged hostilities and energy market volatility.
Traders are unwinding positions that had been hedged against escalation, particularly in the oil complex where the Iran conflict had previously shaken supply expectations.
The reversal suggests that investors are now pricing in a de-escalation scenario, reducing the premium on commodities and digital assets that had benefited from uncertainty.