Crude oil prices are rising as markets digest a complex week of geopolitical developments, with uncertainty surrounding Iran outweighing the relative calm at the NATO summit.
The energy complex is repricing risk after a period of volatility driven by diplomatic signals from Washington and Ankara.
The NATO summit in Turkey concluded with President Donald Trump dominating the proceedings, yet the event failed to inflict lasting damage on alliance cohesion.
Market participants are interpreting the outcome as a "happy end" to the diplomatic chaos, suggesting that the immediate geopolitical premium on European equities may be fading.
However, this relief is being quickly offset by renewed tensions in the Middle East.
Iran remains the primary driver of current market sentiment.