📉 Crude Oil Easing Tensions and Inventory Build Drive Prices Down Oil prices experienced a significant decline as geopolitical risk premiums were unwound following an announcement by President Trump indicating a halt to killings in Iran. This statement eased concerns regarding immediate U.S. military action and potential disruptions to Middle Eastern supply. Adding to the downward pressure was a substantial increase in U.S. crude and gasoline inventories, signaling an ample domestic supply level. Bearish sentiment was further reinforced by Venezuela's resumption of oil exports, introducing new supply to the global market. These bearish supply-side developments overshadowed supportive elements, including positive oil demand forecasts released by OPEC and strong crude import data from China.