Brent crude oil opened down 4.4% following news that the United States and Iran have extended their pause in hostilities. Prior to this drop, Brent prices were in the high $90s, occasionally surpassing the $100 per barrel mark. The decline suggests that market participants perceive a reduced immediate risk of supply disruptions, particularly through the critical Strait of Hormuz, a key transit route for global crude flows. The probability of Brent crude reaching a new all-time high by September 30 has decreased, with current pricing at 6.2% YES on prediction markets.
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