Crude oil has fallen from $93.47 to $83.39 in a very short period of time.
A lot of people will look at the chart and wonder what changed.
The answer is the risk premium.
Oil rallied because markets feared the conflict in the Middle East would disrupt supply, particularly through the Strait of Hormuz, a route that handles roughly 20% of global oil shipments.
As those fears eased following signs of a pause in US-Iran hostilities and reduced expectations of a prolonged supply disruption, traders rapidly unwound those positions.
The takeaway?
Markets don't just price what's happening today.
They price what they think will happen next.
When the worst-case scenario became less likely, so did $90+ oil.
All three sitting near +18-19%, tight grouping like this often just means the broader market is grinding higher without one clear standout, worth watching for whichever separates first 👀
EUL pulling back further off that earlier double top level, if it holds above 2 this could just be a healthy reset before the next leg, a break below there would signal the top is likely in 👀