Phillip Nova head of market insights Priyanka Sachdeva said oil prices are
falling as Gulf supply is restored and hopes of a US‑Iran diplomacy
breakthrough grow, prompting the market to trim part of its geopolitical risk
premium. She added Brent still carries a larger geopolitical and sea‑lane
premium because international crude is more directly exposed to Middle East and
Strait of Hormuz disruptions, while WTI is more influenced by relatively
insulated US supply.