Oil Retreats to $80 as Iran Deal Speculation Unwinds War Premium

Brent crude oil prices have retreated to $80 per barrel, with West Texas Intermediate near $77, according to market data. This pullback wipes out almost the entire premium that had been built up over nearly four months of open warfare in the Middle East.

The move suggests that traders are now pricing in a potential resolution of the Iran nuclear deal—a factor that had previously contributed to the war premium. The market appears to have 'bought the Iran deal twice,' meaning the initial anticipation and the subsequent confirmation may have been overdone.