Geopolitical risks are receding, and oil prices face a weekly fall.

Jin10 Data June 27 - Following the ceasefire agreement between Israel and Iran, oil prices experienced a big dump at the beginning of this week. However, oil futures have risen for the third consecutive trading day, although they still face a weekly decline. Jay Truesdale, CEO of risk consulting firm Dominion International, stated that the risk premium pushing oil prices to several-month highs is largely due to the idea of supply disruptions in the Strait of Hormuz. However, the likelihood of this situation occurring is low, as keeping the Strait of Hormuz open aligns with the interests of the United States, Iran itself, and other participants in the region. He said, "Most traders have now returned to a supply-demand based fundamental situation, especially considering that there is enough oil globally. Prices may return to levels seen before the Israeli attacks, around $60."