A post by @FirstSquawk on X.

Crude oil prices extended their decline as traders assessed the possibility of a diplomatic breakthrough that could ease geopolitical risk premiums baked into energy markets. The pullback reflects shifting sentiment around supply disruption fears, with markets recalibrating positions as hopes for negotiation gain traction. The move matters because crude benchmarks anchor inflation expectations and input costs across transport, manufacturing and petrochemicals, so sustained weakness could ripple through broader commodity and equity markets. What to watch next is whether diplomatic signals translate into concrete de-escalation, and whether OPEC+ supply policy or inventory data reinforce or undercut the downward pressure on prices.