Shipping has partly recovered, but that doesn't mean the risk premium is gone. Brent was around $114.5–$115 a barrel on Monday, down 1%–2% from Friday's near six-month high of about $117, while WTI remained around $101. Flows through Hormuz and Gulf exports are close to pre-war levels, but about 40% is being rerouted through pipelines; Houthi attacks on Saudi-linked targets continued over the weekend. Supply is recovering, but the premium hasn't come off. Oil prices can dip a little, but are unlikely to fall back to $80. High oil prices continue to weigh on risk appetite, putting pressure on $BTC as well.

Do you think diplomatic de-escalation will push oil below $100, or will the premium stick above $110?