Oil Plunges Nearly 10% Weekly as US-Iran Tensions Ease

Crude oil prices have plunged just shy of 10% since the weekly open amid easing US-Iran tensions following reports of a draft peace framework. The decline accelerated from sharp drops on May 27, when WTI fell 5.7% to $88.50/bbl and Brent eased 4.7% to $94.90/bbl, reflecting reduced geopolitical risk. Equity markets rallied on the de-escalation, with the Nasdaq surging above 30,000 for fresh record highs and up roughly 4% week-on-week, while traders now shift focus to tomorrow's Core PCE report ahead of the June FOMC meeting.