Brent crude oil futures experienced a 9% decline this week, settling at $79.61 per barrel after a 0.3% decrease on Friday. This drop follows a period of heightened tension in the Middle East and is attributed to the market’s reaction to the recent truce between the United States and Iran. The easing of geopolitical concerns has reduced fears of supply disruptions, impacting oil prices negatively. This marks the second consecutive weekly decline for the Brent contract. Analysts suggest the market is now reassessing risk premiums previously built into oil prices. The price movement indicates a shift in investor sentiment regarding potential supply shocks. Further market fluctuations will likely depend on the longevity and stability of the US-Iran agreement.