Crude Oil Prices Drop 2% Amid Easing Geopolitical Tensions

• Crude oil prices fell by almost 2% to a one-week low on Thursday.
• US President Donald Trump's positive steps regarding Greenland and Iran, along with efforts to end the Russia-Ukraine conflict, eased geopolitical tensions.
• Brent futures dropped 1.8% to $64.06 per barrel, while WTI crude fell 2.1% to $59.36 per barrel.
• Reduced risk premiums associated with Greenland and diminished Iran supply risks contributed to the price decline.
• A potential peace deal in Ukraine and reforms in Venezuela's oil sector could further impact global oil supply and prices.

Why It Matters: Geopolitical de-escalation in Greenland, Iran, and Ukraine led to a significant drop in crude oil prices.