Oil prices retreated sharply as the reopening of the Strait of Hormuz under a two-week U.S.-Iran ceasefire eased immediate supply risk, sending futures back below $100 a barrel. Benchmark Oil – Brent Crude dropped about 16% to near $91, while Oil – US Crude slid roughly 18% to the low $90s, even as broader equity indices, including the S&P 500, advanced on reduced geopolitical tensions.
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Despite the sharp pullback, both benchmarks remain higher over the past month, with Brent up about 14% and WTI gaining roughly 23%, reflecting earlier risk premia tied to supply disruptions and tight balances. Short-term momentum remains constructive, with 1-day technicals flashing a Buy for Brent and a Buy for WTI, suggesting traders are weighing the ceasefire’s durability against still-elevated geopolitical risk; Investors can explore more updates, prices, and analysis across global markets at Commodities.