US oil prices have fallen more than 8 % following the announcement that the United States and Iran have ceased military operations and entered into new negotiations. West Texas Intermediate (WTI) crude, a key benchmark for US oil prices, has declined in value as market sentiment shifted due to diminishing geopolitical risks in the Middle East that had previously contributed to price volatility. Prediction markets now indicate a significantly reduced probability of crude oil reaching a new all-time high by year-end. Market participants will closely monitor upcoming statements from OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud for signals on oil price expectations.
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