Brent crude futures edged higher in early trading, gaining 17 cents to $72.10 a barrel, as markets digested the latest developments in US-Iran peace negotiations.
The modest advance reflects a shift in sentiment from acute supply disruption fears to cautious optimism that diplomatic channels remain open.
With the long US Independence Day weekend approaching, trading volumes are expected to remain light, limiting the scope for sharp volatility in the immediate term.
The price action underscores how quickly the market has repriced the geopolitical premium.
After earlier spikes driven by military hostilities, crude contracts have settled back toward pre-conflict levels.
This stabilization suggests that traders are increasingly confident in the durability of the interim peace deal, reducing the immediate need for a significant risk buffer in energy prices.