Brent crude oil has fallen by over 5%, dropping below the $84 per barrel threshold after trading in the $88 to $92 range for several weeks. This decline is attributed to easing geopolitical tensions between the United States and Iran, which has led to a reduction in the risk premium supporting prices. Market participants are reassessing their forecasts for future oil price trajectories. The likelihood of crude oil reaching a new all-time high by September 30 now appears reduced.
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