Oil tumbles as Hormuz risk premium evaporates following symbolic retaliation and ceasefire deal

Posted: just now

Global

Key points:

In the last 24 hours, the geopolitical landscape has shifted dramatically - removing a supply risk premium that had built over the previous 12 days.

A symbolic and planned to fail Iranian retaliation attack on U.S. military assets in Qatar, followed by a ceasefire announcements triggered the biggest one-day crude price slump since July 2022

Looking ahead, the near-term outlook suggests continued volatility with news from the Middle East, OPEC+ production cuts and macroeconomic concerns all playing a role in determining the price of oil.

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