Analyst Gregory Schmidt said crude has fallen sharply; Brent slipped below $90 a
barrel on Tuesday, the first time since August. Iran-related tensions had
elevated fuel costs, but growing market expectations of progress in U.S.-Iran
talks have started to erode the geopolitical risk premium priced into oil over
the past weeks. Schmidt cautioned the reduction in that premium will take time
to filter through to U.S. retail gasoline prices, which typically lag crude
moves.