📝 Executive Summary
US crude grades shed the risk premium built up during the Iran war scare, as signs of an easing energy crisis reduce supply fears. The move reflects diminishing geopolitical risk in the oil market, alongside improving supply-demand balance. The decline in US crude prices comes as global energy supply conditions improve, with production increases and demand forecasts stabilizing, eroding the conflict premium that had driven prices higher. The easing of tensions and lower perceived supply disruptions signal a shift in oil market sentiment.