Brent Falls Below $90 as US-Iran De-escalation Hopes Offset Supply Risks

Brent crude has slipped back below the $90 per barrel mark, according to ING strategists Warren Patterson and Ewa Manthey. The decline comes as growing expectations of a US–Iran de-escalation offset lingering supply-side concerns.

The analysts point to reports of a proposed 10-day ceasefire between the two sides, while noting that large divisions remain. The geopolitical backdrop continues to introduce volatility into oil markets, with the price action reflecting shifting risk perceptions.